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I-3 - Taxation Act

Section 119.4
Disposition versions

Full text
119.4. Notwithstanding any other provision of this Part, where a corporation has issued an obligation that is at any time a development bond, the following rules apply:
(a)  no deduction may be made in computing its income for a taxation year in respect of an amount paid or payable as interest on that bond, depending on the method regularly followed by the corporation in computing its income for a period that includes that time;
(b)  any amount paid by the corporation as interest on the bond, to the extent that it is not allowed as a deduction by virtue of paragraph a is, when paid, deemed to have been paid as a taxable dividend.
1982, c. 5, s. 36; 1987, c. 67, s. 29; 1997, c. 3, s. 71.
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