I-3 - Taxation Act

Section 965.10.1.1 Disposition versions

2017-12-07

965.10.1.1. (Repealed).

1990, c. 7, s. 109; 1992, c. 1, s. 115; 1995, c. 1, s. 103; 1995, c. 63, s. 105; 1997, c. 3, s. 71; 2017, c. 29, s. 166.

2006-03-01

965.10.1.1. For the purposes of paragraph d of section 965.10, where the use, as indicated by a corporation in a final prospectus or an exemption from filing a prospectus or as may be inferred therefrom, of the major portion of the proceeds of a public share issue, convertible security issue or non-guaranteed convertible security issue is the financing of scientific research and experimental development carried on in Québec, the corporation may elect that the following rules apply:

(a)  the reference to its financial statements submitted to the shareholders for its last taxation year ended before the date of the receipt for the final prospectus or of the exemption from filing a prospectus is replaced, where applicable, by a reference to its last interim financial statements, before that date, as audited and submitted to the shareholders;

(a.1)  paragraph d of the said section 965.10 shall be read without reference to “promissory notes, debentures, bonds, any other debt securities, guaranteed investment certificates,” and “or cash on hand or on deposit”;

(b)  the value of the property mentioned therein is increased by the amount of expenditures in respect of scientific research and experimental development carried on in Québec in the taxation years ended in a 60 consecutive month period ending on the date of the financial statements considered and, in the case of interim financial statements, is also increased by the amount of expenditures in respect of scientific research and experimental development carried on in Québec in the period covered by those interim financial statements.

1990, c. 7, s. 109; 1992, c. 1, s. 115; 1995, c. 1, s. 103; 1995, c. 63, s. 105; 1997, c. 3, s. 71.