Tax and Revenue Administration Alberta Corporate Tax Act Special Notice Vol. 5 No. 22

Vol. 5 No. 22 / September 2007

ALBERTA CORPORATE TAX ACT SPECIAL NOTICE: Filing of Alberta Notices of Objection for Large Corporations

(Effective September 1, 2007)

NOTE: This special notice is intended to explain legislation and provide specific information. Every effort has been made to ensure the contents are accurate. However, if a discrepancy should occur in interpretation between this special notice and governing legislation, the legislation takes precedence.

Effective September 1, 2007, a large corporation, as defined by section 225.1(8) of the Income Tax Act, Canada, that objects to an Alberta assessment is required to file a notice of objection with Alberta Finance and Enterprise, Tax and Revenue Administration (TRA).

If a large corporation has not complied with this new requirement and TRA reassesses the corporation as a result of the resolution of a notice of objection filed with another jurisdiction, the refund interest payable to the corporation, if any, from the reassessment will be reduced by the lesser of:

1. five per cent of the interest calculated, and
2. $10,000.
   

For a notice of objection to be considered valid, a large corporation must:

1. reasonably describe each issue to be decided,
2. specify the relief sought for each issue, and
3. provide facts and reasons relied on by the corporation for each issue.