I-3 - Taxation Act

Section 771.2.2 Disposition versions

2022-06-08

771.2.2. (Repealed).

1987, c. 21, s. 29; 1989, c. 5, s. 121; 1992, c. 1, s. 70; 1995, c. 63, s. 71; 1997, c. 3, s. 71; 1997, c. 85, s. 158; 2000, c. 39, s. 79; 2004, c. 21, s. 202; 2005, c. 38, s. 174; 2009, c. 5, s. 315; 2022, c. 23, s. 64.

2009-05-15

771.2.2. For the purposes of sections 771.2.1.2 and 771.8.3 in respect of a corporation for a taxation year, the following rules apply:

(a)  the excess amount described in paragraph a of section 771.2.1.2 is to be computed as if the corporation had, for the year,

i.  realized an additional income from an eligible business it carries on in Canada, equal to the second aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres (chapter C-8.3) and determined in its respect for the year under that paragraph, and

ii.  sustained an additional loss from an eligible business it carries on in Canada, equal to the first aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres and determined in its respect for the year under that paragraph; and

(b)  the excess amount described in subparagraph d of the first paragraph of section 771.8.3 is to be computed as if the corporation had, for the year,

i.  realized an additional income from an eligible business it carries on in Canada, equal to the second aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres, which, if the percentage specified in computing that aggregate were equal to 100%, would be determined in its respect for the year under that paragraph, and

ii.  sustained an additional loss from an eligible business it carries on in Canada, equal to the first aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres, which, if the percentage specified in computing that aggregate were equal to 100%, would be determined in its respect for the year under that paragraph.

1987, c. 21, s. 29; 1989, c. 5, s. 121; 1992, c. 1, s. 70; 1995, c. 63, s. 71; 1997, c. 3, s. 71; 1997, c. 85, s. 158; 2000, c. 39, s. 79; 2004, c. 21, s. 202; 2005, c. 38, s. 174; 2009, c. 5, s. 315.

2006-03-01

771.2.2. For the purposes of paragraphs d.2 and h of subsection 1 of section 771 and sections 771.2.1.2 and 771.8.3 in respect of a corporation for a taxation year, the following rules apply:

(a)  the excess amount described in subparagraph 2 of subparagraph i of that paragraph d.2, in subparagraph 2 of subparagraph  ii of that paragraph h or in paragraph a of section 771.2.1.2, as the case may be, shall be computed as if the corporation had, for the year,

i.  realized an additional income from an eligible business it carries on, or carries on in Canada, equal to the second aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres (chapter C-8.3) and determined in its respect for the year under that paragraph, and

ii.  sustained an additional loss from an eligible business it carries on, or carries on in Canada, equal to the first aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres and determined in its respect for the year under that paragraph; and

(b)  the excess amount described in paragraph d of section 771.8.3 shall be computed as if the corporation had, for the year,

i.  realized an additional income from an eligible business it carries on in Canada, equal to the second aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres, which, if the percentage specified in computing that aggregate were equal to 100%, would be determined in its respect for the year under that paragraph, and

ii.  sustained an additional loss from an eligible business it carries on in Canada, equal to the first aggregate that is mentioned in the first paragraph of section 52 of the Act respecting international financial centres, which, if the percentage specified in computing that aggregate were equal to 100%, would be determined in its respect for the year under that paragraph.

1987, c. 21, s. 29; 1989, c. 5, s. 121; 1992, c. 1, s. 70; 1995, c. 63, s. 71; 1997, c. 3, s. 71; 1997, c. 85, s. 158; 2000, c. 39, s. 79; 2004, c. 21, s. 202; 2005, c. 38, s. 174.