Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

I-3 - Taxation Act

Section 1049.2.2.9
Disposition versions

Full text
1049.2.2.9. (Repealed).
1988, c. 4, s. 132; 1990, c. 7, s. 182; 1997, c. 3, s. 71; 2003, c. 9, s. 378; 2017, c. 29, s. 201.
1049.2.2.9. Notwithstanding sections 1049.2.2.1 to 1049.2.2.5, where the amount of a particular penalty under any of the said sections is greater than the excess amount determined under the second paragraph, the amount of the particular penalty shall be reduced to that excess amount.
The excess amount contemplated in the first paragraph in respect of a particular penalty relating to a transaction contemplated in any of those sections is the amount by which
(a)  25% of the aggregate of the adjusted cost of
i.  the shares of the capital stock of the corporation issued, in the year of the transaction but before the occurrence thereof or in the two years preceding that year, with the stipulation that they could be included in a stock savings plan, and distributed in Québec to an individual other than a trust, to an investment group or to an investment fund;
ii.  the shares of the capital stock of the corporation issued in replacement of shares that are not contemplated in subparagraph i, that were issued, in the year of the transaction but before the occurrence thereof or in the two years preceding that year, with the stipulation that they could be included in a stock savings plan, and distributed in Québec to an individual other than a trust, to an investment group or to an investment fund; and
iii.  the shares of the capital stock of the corporation issued in replacement of shares, other than shares contemplated in subparagraph ii, issued in substitution for shares, other than shares contemplated in subparagraph i, that were issued, in the year of the transaction but before the occurrence thereof or in the two years preceding that year, with the stipulation that they could be included in a stock savings plan, and distributed in Québec to an individual other than a trust, to an investment group or to an investment fund; exceeds
(b)  the aggregate of the penalties incurred by the corporation under sections 1049.2.2.1 to 1049.2.2.5 before the imposition of the particular penalty in respect of the shares of its capital stock that are mentioned in subparagraph a.
1988, c. 4, s. 132; 1990, c. 7, s. 182; 1997, c. 3, s. 71; 2003, c. 9, s. 378.
© Gouvernement du Québec