I-3 - Taxation Act

Section 1027.1 Disposition versions

2013-06-05

1027.1. (Repealed).

2003, c. 9, s. 169; 2013, c. 10, s. 95.

2006-03-01

1027.1. In this division,

“eligible instalment day” of a qualified corporation means a day in October, November or December 2001, on which an instalment to be paid by the corporation in respect of the corporation’s tax payable under this Part for the taxation year that includes that day would become payable if this Act were read without reference to this division;

“qualified corporation”, for a particular taxation year, means a corporation the paid-up capital of which determined for the taxation year preceding the particular year does not exceed,

(a)  where the corporation is not associated with any other corporation in the particular year, $15,000,000, and

(b)  where the corporation is associated with one or more other corporations in the particular year, the amount by which $15,000,000 exceeds the aggregate of the paid-up capital of those other corporations for their last taxation year that ended in the last calendar year that ended before the end of the particular year.

For the purposes of the definition of “qualified corporation” in the first paragraph, the paid-up capital of a corporation is

(a)  in respect of a corporation referred to in any of paragraphs a to c of section 1132, its paid-up capital determined in accordance with Book III of Part IV;

(b)  in respect of an insurance corporation, other than a corporation referred to in subparagraph a, its paid-up capital that would be determined in accordance with Title II of Book III of Part IV, if the corporation were a bank and if paragraph a of section 1140 were replaced by paragraph a of subsection 1 of section 1136; and

(c)  in respect of a cooperative, its paid-up capital determined in accordance with Title I of Book III of Part IV.

For the purposes of this division, a corporation the first taxation year of which ends after 30 September 2001 and before 1 April 2002 is deemed to be a qualified corporation for the year, insofar as, where the corporation is associated with one or more other corporations in the year, the paid-up capital of those other corporations for their last taxation year that ended in the last calendar year that ended before the end of the year does not exceed $15,000,000.

2003, c. 9, s. 169.