C-8.3 - Act respecting international financial centres

Section 55 Disposition versions

2022-06-08

55. (Repealed).

1999, c. 86, s. 55; 2002, c. 40, s. 8; 2004, c. 21, s. 12; 2005, c. 38, s. 14; 2022, c. 23, s. 12.

2005-12-13

55. A person who, in a taxation year, is a corporation operating an international financial centre or a member of a partnership that, in a fiscal period of the partnership ending in that year, operates such a centre shall include, in computing the person’s taxable income for the year, an amount equal to the amount by which the second aggregate that is mentioned in the first paragraph of section 52 and determined in respect of the person for the year under that paragraph, exceeds the first aggregate that is mentioned in that paragraph and determined in respect of the person for the year under that paragraph.

However, the amount determined under the first paragraph for a taxation year in respect of a person shall in no case exceed the amount that would be the person’s income for the year, computed in accordance with section 28 of the Taxation Act (chapter I-3), if the person had, for the year,

(1)  realized an additional income from a business equal to the second aggregate that is mentioned in the first paragraph of section 52 and determined in respect of the person for the year under that paragraph; and

(2)  sustained an additional loss from a business equal to the first aggregate that is mentioned in the first paragraph of section 52 and determined in respect of the person for the year under that paragraph.

1999, c. 86, s. 55; 2002, c. 40, s. 8; 2004, c. 21, s. 12; 2005, c. 38, s. 14.

2004-11-03

55. A person who, in a taxation year, is a corporation operating an international financial centre or a member of a partnership that, in a fiscal period of the partnership ending in that taxation year, operates such a centre shall include, in computing the person’s taxable income for the year, an amount equal to the amount by which the aggregate determined for the year in respect of the person under subparagraph 2 of the first paragraph of section 52 exceeds the aggregate determined for the year in respect of the person under subparagraph 1 of the first paragraph of that section.

However, the amount determined under the first paragraph for a taxation year in respect of a person shall in no case exceed the person’s income for the year, computed for the purposes of Part I of the Taxation Act (chapter I-3) without reference to 75 % of any income or loss from the operations of an international financial centre operated by the person in the year and without reference to 75 % of the person’s share of any income or loss from the operations of such a centre operated by the partnership in the fiscal period.

1999, c. 86, s. 55; 2002, c. 40, s. 8; 2004, c. 21, s. 12.

2002-10-17

55. A person who, in a taxation year, is a corporation operating an international financial centre or a member of a partnership that, in a fiscal period of the partnership ending in that taxation year, operates such a centre shall include, in computing the person’s taxable income for the year, an amount equal to the amount by which the aggregate determined for the year in respect of the person under subparagraph 2 of the first paragraph of section 52 exceeds the aggregate determined for the year in respect of the person under subparagraph 1 of the first paragraph of that section.

However, the amount determined under the first paragraph for a taxation year in respect of a person shall in no case exceed the person’s income for the year, computed for the purposes of Part I of the Taxation Act (chapter I‐3) and without reference to any income or loss from the operations of an international financial centre operated by the person or the partnership in the year or fiscal period.

1999, c. 86, s. 55; 2002, c. 40, s. 8.

1999-12-20

55. A person who, in a taxation year, is a corporation operating an international financial centre or a member of a partnership that, in a fiscal period of the partnership ending in that taxation year, operates such a centre shall include, in computing the person’s taxable income for the year, an amount equal to the amount by which the aggregate determined for the year in respect of the person under paragraph 2 of section 52 exceeds the aggregate determined for the year in respect of the person under paragraph 1 of that section.

However, the amount determined under the first paragraph for a taxation year in respect of a person shall in no case exceed the person’s income for the year, computed for the purposes of Part I of the Taxation Act (chapter I‐3) and without reference to any income or loss from the operations of an international financial centre operated by the person or the partnership in the year or fiscal period.

1999, c. 86, s. 55.