I-3 - Taxation Act

Section 771.2.5.1 Disposition versions

2019-06-19

771.2.5.1. For the purposes of section 771.2.1.2, the amount by which a corporation’s income for a taxation year from a qualified business it carries on exceeds its loss for the year from such a business must be computed as if the amounts determined under subparagraphs a and b of the second paragraph of section 737.18.17.5 in respect of the corporation for the year and the amounts determined in respect of a partnership of which it is a member at the end of a fiscal period of the partnership that ends in the year, in accordance with subparagraphs d and e of that paragraph, in relation to a large investment project of the corporation or partnership, as the case may be, within the meaning of the first paragraph of section 737.18.17.1, in respect of which the Minister of Finance issued a certificate for the corporation’s taxation year or the partnership’s fiscal period, were, in the proportion determined in the second paragraph, nil.

The proportion to which the first paragraph refers is determined by the formula

A/B.

In the formula in the second paragraph,

(a)  A is 1, unless the amount that would be deductible in computing the corporation’s taxable income for the year under section 737.18.17.5 if no reference were made to section 737.18.17.6 exceeds the particular amount that is deductible in computing that taxable income under section 737.18.17.5, in which case it is the particular amount; and

(b)  B is 1, unless the particular amount that would be deductible in computing the corporation’s taxable income for the year under section 737.18.17.5 if no reference were made to section 737.18.17.6 exceeds the amount that is deductible in computing that taxable income under section 737.18.17.5, in which case it is the particular amount.

2015, c. 21, s. 315; 2019, c. 14, s. 251.

2015-10-21

771.2.5.1. For the purposes of section 771.2.1.2, the amount by which a corporation’s income for a taxation year from a qualified business it carries on exceeds its loss for the year from such a business must be computed as if the amounts determined under subparagraphs a and b of the second paragraph of section 737.18.17.5 in respect of the corporation for the year and the amounts determined in respect of a partnership of which it is a member at the end of a fiscal year of the partnership that ends in the year, in accordance with subparagraphs d and e of that paragraph, in relation to a large investment project of the corporation or partnership, as the case may be, within the meaning of the first paragraph of section 737.18.17.1, in respect of which the Minister of Finance issued a certificate for the corporation’s taxation year or the partnership’s fiscal period, were, in the proportion determined in the second paragraph, nil.

The proportion to which the first paragraph refers is determined by the formula

A/B.

In the formula in the second paragraph,

(a)  A is 1, unless the amount that would be deductible in computing the corporation’s taxable income for the year under section 737.18.17.5 if no reference were made to section 737.18.17.6 exceeds the particular amount that is deductible in computing that taxable income under section 737.18.17.5, in which case it is the particular amount; and

(b)  B is 1, unless the particular amount that would be deductible in computing the corporation’s taxable income for the year under section 737.18.17.5 if no reference were made to section 737.18.17.6 exceeds the amount that is deductible in computing that taxable income under section 737.18.17.5, in which case it is the particular amount.

2015, c. 21, s. 315.