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C-8.3 - Act respecting international financial centres
Section 58
Disposition versions
58. (Repealed).
58. Where the deficit reported in the financial statements of a corporation referred to in section 1136, 1140, 1141 or 1141.1 of the Taxation Act (chapter I‐3) for a taxation year is less than the deficit that would be reported were it not for the operations of any international financial centre operated by the corporation directly or through a partnership, the corporation may also deduct, in computing its paid-up capital for the year, for the purposes of Part IV of that Act, 75 % of the amount by which
(1) the amount that would be the deficit of the corporation if the operations of any international financial centre operated by the corporation or partnership were not taken into account, exceeds
(2) the amount deducted by the corporation in computing its paid-up capital under paragraph a of section 1137 of that Act or, but for this section and section 57, under section 1141.2 of that Act.
58. Where the deficit reported in the financial statements of a corporation referred to in section 1136, 1140, 1141 or 1141.1 of the Taxation Act (chapter I‐3) for a taxation year is less than the deficit that would be reported were it not for the operations of any international financial centre operated by the corporation directly or through a partnership, the corporation may also deduct, in computing its paid-up capital for the year, for the purposes of Part IV of that Act, the amount by which
(1) the amount that would be the deficit of the corporation if the operations of any international financial centre operated by the corporation or partnership were not taken into account, exceeds
(2) the amount deducted by the corporation in computing its paid-up capital under paragraph a of section 1137 of that Act or, but for this section and section 57, under section 1141.2 of that Act.
