I-3 - Taxation Act

Section 1029.8.36.111 Disposition versions

2009-05-15

1029.8.36.111. (Repealed).

1999, c. 86, s. 85; 2001, c. 7, s. 169; 2009, c. 5, s. 455.

2006-03-01

1029.8.36.111. Where, before 1 January 2003, a corporation pays in a taxation year referred to in this section as the “repayment year”, pursuant to a legal obligation, a particular amount that may reasonably be considered to be a repayment of government assistance or non-government assistance that reduced, by reason of paragraph a of section 1029.8.36.108, the amount of a particular qualified solicitation expenditure of the corporation for the purpose of computing the amount that the corporation is deemed to have paid to the Minister for a taxation year under section 1029.8.36.104, the following rules apply:

(a)  the amount that the corporation is deemed to have paid to the Minister under that section 1029.8.36.104 for the repayment year is deemed to be equal to the aggregate of

i.  the amount that, had there been no such repayment in the repayment year, the corporation would have been deemed to have paid to the Minister under that section for that year, and

ii.  the amount by which the aggregate of all amounts each of which is the amount that, had there been no such repayment of government assistance or non-government assistance in the repayment year or a preceding taxation year, the corporation would have been deemed to have paid to the Minister under that section 1029.8.36.104 for a particular taxation year that is the year in which the particular qualified solicitation expenditure was incurred or one of the following two taxation years not subsequent to the repayment year, exceeds the aggregate of all amounts each of which is an amount that, but for this section, the corporation would have been deemed to have paid to the Minister under section 1029.8.36.104 for such a particular taxation year or an amount determined under this subparagraph, in respect of the corporation, for a taxation year prior to the repayment year;

(b)  if the repayment occurs in the taxation year following the taxation year in which the particular qualified solicitation expenditure was incurred, the particular amount is deemed, for the application of section 1029.8.36.104 to the taxation year following the repayment year, to be a qualified solicitation expenditure incurred by the corporation in the taxation year in which the particular qualified solicitation expenditure was incurred; and

(c)  where applicable, the corporation is deemed, for the application of section 1029.8.36.104 in respect of the excess amount determined under subparagraph ii of paragraph a, to have carried out, in the repayment year, a qualified international financial transaction and to have operated an international financial centre in that year.

1999, c. 86, s. 85; 2001, c. 7, s. 169.