I-3 - Taxation Act

Section 1029.8.36.59.42 Disposition versions

2015-10-21

1029.8.36.59.42. In this division,

“excluded corporation” for a taxation year means

(a)  a corporation that is exempt from tax for the year under Book VIII; or

(b)  a corporation that would be exempt from tax for the year under section 985, but for section 192;

“qualified corporation” for a particular taxation year means a corporation, other than an excluded corporation for the particular year, that carried on damage insurance activities in Québec during its last taxation year ended before 1 January 2013 and that

(a)  is a person

i.  that is referred to for the particular year in subparagraph f of the first paragraph of section 1159.3, enacted by subparagraph e of the first paragraph of section 1159.3.2, or

ii.  that would be referred to for the particular year in subparagraph f of the first paragraph of section 1159.3, enacted by subparagraph e of the first paragraph of section 1159.3.2, if subparagraph e of the first paragraph of section 1159.3, enacted by subparagraph d of the first paragraph of section 1159.3.2, were read as if “in the year” were replaced by “throughout the year”; and

(b)  is registered, at any time in the particular year, with the Autorité des marchés financiers under Title II of the Act respecting the distribution of financial products and services (chapter D-9.2) to act as a damage insurance firm;

“qualified expenditure” of a corporation means the aggregate of all amounts each of which is an expenditure of a current nature that is incurred by the corporation in its last taxation year ended before 1 January 2013 and that is reasonably attributable to its damage insurance activities in Québec, other than an expenditure consisting of

(a)  wages or an employer contribution;

(b)  interest charges;

(c)  a non-deductible entertainment expense;

(d)  a fine or penalty; or

(e)  municipal or school property taxes;

“wages” means the income computed under Chapters I and II of Title II of Book III.

2015, c. 21, s. 454.