I-3 - Taxation Act

Section 1138.0.1 Disposition versions

2009-05-15

1138.0.1. A qualified corporation, within the meaning of sections 771.5 to 771.7, for a taxation year may deduct, if it is not described in section 1138.1, in computing its paid-up capital for the year, after the application of section 1138, an amount equal to 75% of the lesser of

(a)  its paid-up capital for the year, computed after the application of section 1138, minus the amount that, where applicable, could be deducted from the paid-up capital of the corporation for the year under section 1138.2.5 if “75% of the amount” in the first paragraph of section 57 of the Act respecting international financial centres (chapter C-8.3) were replaced by “the amount”; and

(b)  $3,000,000.

Notwithstanding the first paragraph, the amount deductible by such a corporation in computing its paid-up capital under this section, for its taxation year that includes the last day of its exemption period, within the meaning of the first paragraph of section 771.1, is equal to such proportion of the amount that, but for this paragraph, would be determined under the first paragraph that the number of days in the year included in that exemption period is of the number of days in the year.

1987, c. 21, s. 91; 1993, c. 64, s. 195; 1995, c. 63, s. 244; 1997, c. 3, s. 71; 1997, c. 85, s. 315; 2000, c. 39, s. 253; 2004, c. 21, s. 492; 2005, c. 38, s. 319; 2009, c. 5, s. 558.

2006-03-01

1138.0.1. A qualified corporation, within the meaning of sections 771.5 to 771.7, for a taxation year may deduct in computing its paid-up capital for that year, after the application of section 1138, an amount equal to 75% of the lesser of

(a)  its paid-up capital for the year, computed after the application of section 1138, minus the amount that, where applicable, could be deducted from the paid-up capital of the corporation for the year under section 1138.2.5 if “75% of the amount” in the first paragraph of section 57 of the Act respecting international financial centres (chapter C-8.3) were replaced by “the amount”; and

(b)  $3,000,000.

Notwithstanding the first paragraph, the amount deductible by such a corporation in computing its paid-up capital under this section, for its taxation year that includes the last day of its exemption period, within the meaning of the first paragraph of section 771.1, is equal to such proportion of the amount that, but for this paragraph, would be determined under the first paragraph that the number of days in the year included in that exemption period is of the number of days in the year.

1987, c. 21, s. 91; 1993, c. 64, s. 195; 1995, c. 63, s. 244; 1997, c. 3, s. 71; 1997, c. 85, s. 315; 2000, c. 39, s. 253; 2004, c. 21, s. 492; 2005, c. 38, s. 319.