I-3 - Taxation Act

Section 1141.1 Disposition versions

2006-03-01

1141.1. In this Part, the paid-up capital of a corporation trading in securities includes

(a)  the paid-up capital stock;

(b)  the general reserve and the other reserves and provisions, except those for amortization or depletion, those that are permitted by Part I to the extent that they were deducted in computing income under that Part and those for losses, in respect of a contract of lease or of leasing, that a corporation trading in securities carrying on lease or leasing activities cannot deduct in computing its income under that Part;

(b.1)  the future tax liabilities;

(c)  the subordinated loans and the other debts whose repayment is subject to the prior approval of an agency empowered to regulate trading in securities;

(d)  the surplus;

(e)  long-term debt;

(f)  any other debt owing to a corporation to which the corporation is related, other than a corporation referred to in paragraph a of section 1132, except a debt contracted or assumed by the corporation within the preceding six months and that is a trade account payable as consideration for the acquisition of a good or the provision of a service, or a tax payable in connection with the acquisition of a good or the provision of a service where the acquisition or provision gave rise to a trade account payable or would give rise to a trade account payable if the consideration for the acquisition or provision were unpaid.

1980, c. 13, s. 113; 1991, c. 8, s. 102; 1995, c. 63, s. 249; 1997, c. 3, s. 71; 2000, c. 39, s. 257; 2002, c. 40, s. 318.