I-4 - Act respecting the application of the Taxation Act

Full text
103. (Repealed).
1972, c. 24, s. 153; 1986, c. 19, s. 210.
103. Notwithstanding any provision of the Taxation Act, a credit union shall not deduct, in computing its income for the taxation years after 1971, a payment that it makes as a result of a proportional allocation to loans which is an amount credited to one of its members and relating to interest payable by him before the commencement of the 1972 taxation year of the union.
Nor shall it deduct any amount payable by it in the year as interest to one of its members to the extent that the amount may reasonably be considered to be payable for a period preceding the 1972 taxation year of the credit union or as being computed in relation to the business carried out by the union before that year.
1972, c. 24, s. 153.