I-3 - Taxation Act

Section 1029.8.36.53.20.1 Disposition versions

2021-06-02

1029.8.36.53.20.1. In this division,

“eligibility period”, in relation to qualified financing, of an eligible taxpayer or a qualified partnership means the period that begins on the particular day on which the agreement giving rise to the qualified financing is entered into, or, if it is later, on 1 January 2015, and that ends 10 years after the particular day;

“eligible expenses”, in respect of qualified financing, of an eligible taxpayer for a taxation year or of a qualified partnership for a fiscal period, means the interest, in respect of the qualified financing, that is attributable to the portion of the taxpayer’s or partnership’s eligibility period, in relation to the qualified financing, that is included in the taxation year or fiscal period, as the case may be;

“eligible taxpayer” for a taxation year means a taxpayer who, in the year, carries on a business in Québec and who is not a tax-exempt taxpayer;

“qualified financing” of an eligible taxpayer or a qualified partnership means a loan, within the meaning of section 2 of the Program for farm financing established under the Act respecting La Financière agricole du Québec (chapter L-0.1), that is granted to the taxpayer or partnership under the program by a lender, within the meaning of paragraph 3 of the definition of that expression in that section 2, as a consequence of an agreement entered into after 2 December 2014 and before 1 January 2025;

“qualified partnership” for a fiscal period means a partnership that, during the period, carries on a business in Québec;

“tax-exempt taxpayer” means

(1)  a person exempt from tax under Book VIII;

(2)  a trust one of the capital or income beneficiaries of which is a tax-exempt person under Book VIII or a corporation that would be exempt from tax under section 985, but for section 192; or

(3)  a corporation described in paragraph 2.

For the purposes of this division, the share of a member of a partnership of an amount for a fiscal period is equal to the agreed proportion of the amount in respect of the member for that fiscal period.

2015, c. 24, s. 141; 2021, c. 14, s. 141.

2015-10-26

1029.8.36.53.20.1. In this division,

“eligibility period”, in relation to qualified financing, of an eligible taxpayer or a qualified partnership means the period that begins on the particular day on which the agreement giving rise to the qualified financing is entered into, or, if it is later, on 1 January 2015, and that ends 10 years after the particular day;

“eligible expenses”, in respect of qualified financing, of an eligible taxpayer for a taxation year or of a qualified partnership for a fiscal period, means the interest, in respect of the qualified financing, that is attributable to the portion of the taxpayer’s or partnership’s eligibility period, in relation to the qualified financing, that is included in the taxation year or fiscal period, as the case may be;

“eligible taxpayer” for a taxation year means a taxpayer who, in the year, carries on a business in Québec and who is not a tax-exempt taxpayer;

“qualified financing” of an eligible taxpayer or a qualified partnership means a loan, within the meaning of section 2 of the Program for farm financing established under the Act respecting La Financière agricole du Québec (chapter L-0.1), that is granted to the taxpayer or partnership under the program by a lender, within the meaning of paragraph 3 of the definition of that expression in that section 2, as a consequence of an agreement entered into after 2 December 2014 and before 1 January 2020;

“qualified partnership” for a fiscal period means a partnership that, during the period, carries on a business in Québec;

“tax-exempt taxpayer” means

(1)  a person exempt from tax under Book VIII;

(2)  a trust one of the capital or income beneficiaries of which is a tax-exempt person under Book VIII or a corporation that would be exempt from tax under section 985, but for section 192; or

(3)  a corporation described in paragraph 2.

For the purposes of this division, the share of a member of a partnership of an amount for a fiscal period is equal to the agreed proportion of the amount in respect of the member for that fiscal period.

2015, c. 24, s. 141.