I-3 - Taxation Act

Section 771.2.1.2 Disposition versions

2019-06-19

771.2.1.2. The amount that, for the purposes of paragraphs d.2 to d.4 and h of subsection 1 of section 771, is to be determined in respect of a corporation for a taxation year under this section is equal to the least of

(a)  the amount by which the total of—where the corporation would be a primary and manufacturing sectors corporation for the year if its proportion of primary and manufacturing sectors activities for the year were determined without reference to the activities of any partnership of which it is a member or if it is described in section 771.2.1.2.1 for the year—the aggregate of all amounts each of which is the corporation’s income for the year from an eligible business carried on by the corporation in Canada (other than an amount referred to in section 771.2.1.2.0.1) or the corporation’s specified corporate income for the year and the corporation’s specified partnership income for the year exceeds the aggregate of 

i.  all amounts each of which is a loss of the corporation for the year from an eligible business carried on by it in Canada, other than a loss of the corporation for the year from a business carried on by it as a member of a partnership, and

ii.  the specified partnership loss of the corporation for the year;

(b)  the amount by which the taxable income of the corporation for the year exceeds the aggregate of the amount determined in respect of the corporation for the year under section 771.0.2.2 and the portion of the corporation’s taxable income for the year that is not, because of an Act of the Legislature of Québec, subject to tax under this Part; and

(c)  the corporation’s business limit for the year.

2005, c. 38, s. 173; 2015, c. 21, s. 313; 2017, c. 1, s. 213; 2017, c. 29, s. 156; 2019, c. 14, s. 241.

2017-12-07

771.2.1.2. The amount that, for the purposes of paragraphs d.2 to d.4 and h of subsection 1 of section 771, is to be determined in respect of a corporation for a taxation year under this section is equal to the least of

(a)  the amount by which the aggregate of all amounts each of which is, where the corporation would be a primary and manufacturing sectors corporation for the year if its proportion of primary and manufacturing sectors activities for the year were determined without reference to the activities of any partnership of which it is a member, or if it is described in section 771.2.1.2.1 for the year, the income of the corporation for the year from an eligible business carried on by it in Canada, other than the income of the corporation for the year from a business carried on by it as a member of a partnership, and the specified partnership income of the corporation for the year exceeds the aggregate of

i.  all amounts each of which is a loss of the corporation for the year from an eligible business carried on by it in Canada, other than a loss of the corporation for the year from a business carried on by it as a member of a partnership, and

ii.  the specified partnership loss of the corporation for the year;

(b)  the amount by which the taxable income of the corporation for the year exceeds the aggregate of the amount determined in respect of the corporation for the year under section 771.0.2.2 and the portion of the corporation’s taxable income for the year that is not, because of an Act of the Legislature of Québec, subject to tax under this Part; and

(c)  the corporation’s business limit for the year.

2005, c. 38, s. 173; 2015, c. 21, s. 313; 2017, c. 1, s. 213; 2017, c. 29, s. 156.

2017-02-08

771.2.1.2. The amount that, for the purposes of paragraphs d.2 to d.4 and h of subsection 1 of section 771, is to be determined in respect of a corporation for a taxation year under this section is equal to the least of

(a)  the amount by which the aggregate of all amounts each of which is, if the corporation is a primary and manufacturing sectors corporation for the year or if it is described in section 771.2.1.2.1 for the year, the income of the corporation for the year from an eligible business carried on by it in Canada, other than the income of the corporation for the year from a business carried on by it as a member of a partnership, and the specified partnership income of the corporation for the year exceeds the aggregate of

i.  all amounts each of which is a loss of the corporation for the year from an eligible business carried on by it in Canada, other than a loss of the corporation for the year from a business carried on by it as a member of a partnership, and

ii.  the specified partnership loss of the corporation for the year;

(b)  the amount by which the taxable income of the corporation for the year exceeds the aggregate of the amount determined in respect of the corporation for the year under section 771.0.2.2 and the portion of the corporation’s taxable income for the year that is not, because of an Act of the Legislature of Québec, subject to tax under this Part; and

(c)  the corporation’s business limit for the year.

2005, c. 38, s. 173; 2015, c. 21, s. 313; 2017, c. 1, s. 213.

2015-10-21

771.2.1.2. The amount that, for the purposes of paragraphs d.2, d.3 and h of subsection 1 of section 771, is to be determined in respect of a corporation for a taxation year under this section is equal to the least of

(a)  the amount by which the aggregate of all amounts each of which is the income of the corporation for the year from an eligible business carried on by it in Canada, other than the income of the corporation for the year from a business carried on by it as a member of a partnership, and the specified partnership income of the corporation for the year exceeds the aggregate of

i.  all amounts each of which is a loss of the corporation for the year from an eligible business carried on by it in Canada, other than a loss of the corporation for the year from a business carried on by it as a member of a partnership, and

ii.  the specified partnership loss of the corporation for the year;

(b)  the amount by which the taxable income of the corporation for the year exceeds the aggregate of the amount determined in respect of the corporation for the year under section 771.0.2.2 and the portion of the corporation’s taxable income for the year that is not, because of an Act of the Legislature of Québec, subject to tax under this Part; and

(c)  the corporation’s business limit for the year.

2005, c. 38, s. 173; 2015, c. 21, s. 313.

2006-03-01

771.2.1.2. The amount that, for the purposes of paragraphs d.2 and h of subsection 1 of section 771, is to be determined in respect of a corporation for a taxation year under this section is equal to the least of

(a)  the amount by which the aggregate of all amounts each of which is the income of the corporation for the year from an eligible business carried on by it in Canada, other than the income of the corporation for the year from a business carried on by it as a member of a partnership, and the specified partnership income of the corporation for the year exceeds the aggregate of

i.  all amounts each of which is a loss of the corporation for the year from an eligible business carried on by it in Canada, other than a loss of the corporation for the year from a business carried on by it as a member of a partnership, and

ii.  the specified partnership loss of the corporation for the year;

(b)  the amount by which the taxable income of the corporation for the year exceeds the aggregate of the amount determined in respect of the corporation for the year under section 771.0.2.2 and the portion of the corporation’s taxable income for the year that is not, because of an Act of the Legislature of Québec, subject to tax under this Part; and

(c)  the corporation’s business limit for the year.

2005, c. 38, s. 173.