1970 Bill 39 Third Session, 16th Legislature, 19 Elizabeth II THE LEGISLATLVE ASSEMBLY OF ALBERTA BILL 39

An Act to amend The Alberta Income Tax Act THE PROVINCIAL TREASURER First Reading ............................. . Second Reading ........................... . Third Reading ...................... . Printed by L. S. Wall, Queen's Printer, Edmonton

BILL 39 1970

An Act to amend The Alberta Income Tax Act (Assented to , 1970) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Alberta Income Tax Act is hereby amended. 2.

(1) Section 14 is amended by striking out subsection (1) and by substituting the following: 14.

(1) Every corporation shall, during the 15 months' period ending three months after the close of each taxation year, pay to the Provincial Treasurer (

a) either (

i) on or before the last day of each of the first 12 months in that period, an amount equal to one-twelfth of the tax as estimated by it at the rate for the taxation year on its estimated tax­ able income earned in the year in Alberta, or (ii) on or before the last day of each of the first two months in that period, an amount equal to one-twelfth of the tax as estimated by it at the rate for the taxation year on its taxable in­ come earned in the year in Alberta as deter­ mined for the second taxation year preceding the year, and on or before the last day of each of the next following 10 months in that period, an amount equal to one-tenth of the amount remaining after deducting the amount com­ puted pursuant to this subclause in respect of the first two months in the period from the tax as estimated by it at the rate for the taxa­ tion year on its taxable income earned in the year in Alberta as determined for the im­ mediately preceding year, and (

b) on or before the last day of the period, the re­ mainder of the tax as estimated under

section 9.

Explanatory Notes I. This Bill will amend

chapter 1 of the Statutes of Alberta, 1961 (2nd Session).

Section 14, subsection (1) presently reads: 14.

(1) Every corporation shall, during the 13 months' periord ending three months after the close of each taxation year, pay to the Pro­ vincial Treasurer (

a) I)·n or before the last day of each of the first 12 months in the period, an amount equal to one-twelfth of the tax as estimated by it at the' rate for the taxation year (

i) on its estimated taxable income earned in the year in Al­ berta, or (ii) on its taxable income earned in the year in Alberta as determined for the immediately preceding year, and (

b) on or before the last day of the period, the remainder of the tax as estimated under

section 9.

(2) Subsection (1) applies to taxation years commenc­ ing after November, 1968, except in its application to any taxation year of a corporation commencing after November, 1968 and before December, 1969, it shall be read as follows: 14.

(1) Every corporation shall, during the 13 months' period ending three months after the close of each taxation year, pay to the Provincial Treasurer (

a) on or before the last day of each of the first 10 months in that period, an amount equal to one­ tenth of the tax as estimated by it at the rate for the taxation year (

i) on its estimated taxable income earned in the year in Alberta, or (ii) on its taxable income earned in the year in Alberta as determined for the immediately preceding year, and (

b) on or before the last day of the period, the re­ mainder of the tax as estimated under

section 9.

Section 14 is further amended by striking out sub­ section (3) and by substituting the following:

(3) Where

section 50, subsection (2) of the federal Act is applicable to a corporation and it makes a payment pur­ suant thereto, the corporation shall, instead of paying the instalments required by subsection (1), pay to the Pro­ vincial Treasurer, at the end of the period referred to in subsection (1), the whole of the tax as estimated under

section 9. 4. This Act comes into force on the day upon which it is assented to. 2

Section 14, subsection (3) presently reads:

(3) Where suhsection (2) of

section 50 of the federal Act is applic­ able to a corporation and it makes payment pursuant thereto, the corporation shall, ins-tead of paying the instalments required by sub­ section (1), pay to the Provincial Treasurer, at the end of the twelve months' period referred to in subsection (1). the whole of the tax as estimated under

section 9. Title: 1970 (16th, 3rd) Bill 39,

An Act to amend The Alberta Income Tax Act