Is there a time limit within which the Minister is required to make an initial determination under s. 152(3.4) as to the amount of a deemed overpayment under s. 125.7(2), (2.1), or (2.2) to be an overpayment of Part I tax? In responding no, the Directorate indicated that “at any time” in s. 152(3.4) means that an initial determination of the taxpayer’s deemed overpayment for a qualifying period under subsection 152(3.4) is not dependant upon the filing of a return of income or the assessing of any Part I tax payable for the relevant taxation year.
After noting that the instructions provided by CRA both on the application for the CEWS or CRHP benefit and the CRA website indicated that a separate application must be filed for each RP account, the Directorate indicated that such separate applications aggregating to an overall deemed overpayment for a qualifying period should be considered to constitute an application for the qualifying period in the prescribed form and manner as required by para. (a) of the “qualifying entity” definition. It further indicated that it would consider s. 152(8) to apply so that the notices of determination issued by RP account would be valid and binding.