985.9R2. The amount referred to in subparagraph i of subparagraph b of the second paragraph of section 985.9 of the Act is determined, for a taxation year of a registered charity, in accordance with the following rules:(a) the registered charity chooses a number, not less than 2 nor more than 8, of equal and consecutive periods that total 24 months and that end immediately before the beginning of the year;
(b) for each period chosen in accordance with subparagraph a, it adds together all the amounts each of which is the value, determined in accordance with section 985.9R3, of property or a portion thereof owned by the registered charity and not directly used in charitable activities or in administration on the last day of that period;
(c) it adds together all the amounts each of which is the result of the addition under subparagraph b for a period chosen in accordance with subparagraph a; and
(d) it divides the amount obtained under subparagraph c by the number of periods chosen under subparagraph a.
For the purposes of the first paragraph and subject to the third paragraph,(a) the number of periods chosen by a registered charity for a taxation year under subparagraph a of the first paragraph or, in the case of a charitable foundation, under that subparagraph a or subparagraph a of the first paragraph of section 985.9.2R2, as it applied for the taxation year, as the case may be, must, unless otherwise authorized by the Minister, be used for that taxation year and for all subsequent taxation years; and
(b) a registered charity is deemed to have existed on the last day of each of the periods chosen by it.
A registered charity that is a charitable foundation may, for its first taxation year that begins after 31 December 1986, change the number of periods chosen previously under subparagraph a of the first paragraph of section 985.9.2R2, as it applied at that time, as the case may be, and the new number must, unless otherwise authorized by the Minister, be used for that taxation year and for all subsequent taxation years.
O.C. 1176-2010, s. 36; O.C. 701-2013, s. 52.