I-3 - Taxation Act

Section 1029.8.36.148 Disposition versions

2012-05-09

1029.8.36.148. (Repealed).

2002, c. 9, s. 113; 2002, c. 40, s. 203; 2012, c. 8, s. 228.

2006-03-01

1029.8.36.148. A corporation is not a Québec corporation in respect of a taxation year of a particular corporation, in this section referred to as the “base year”, if the following conditions are satisfied:

(a)  the corporation’s assets applicable to its taxation year, in this section and in section 1029.8.36.150 referred to as the “particular year”, that ends in the base year is equal to or greater than $1,000,000,000; and

(b)  where the particular year is not the corporation’s first fiscal period, the corporation’s market capitalization applicable to the particular year is equal to or greater than $1,000,000,000.

The assets of a corporation applicable to a taxation year are the corporation’s assets shown in its financial statements submitted to the shareholders for its preceding taxation year or, where the corporation is in its first fiscal period, at the beginning of that fiscal period.

The market capitalization of a corporation applicable to a taxation year corresponds to the corporation’s market capitalization at the end of its preceding taxation year.

For the purpose of determining the assets of a corporation in accordance with the second paragraph, the following rules apply:

(a)  if the corporation’s financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, the corporation’s assets are the assets that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles; and

(b)  if the corporation is a cooperative, the second paragraph shall be read as if the reference therein to “submitted to the shareholders” were a reference to “submitted to the members”.

2002, c. 9, s. 113; 2002, c. 40, s. 203.