I-3 - Taxation Act

Section 1029.8.36.95 Disposition versions

2012-05-09

1029.8.36.95. (Repealed).

1999, c. 83, s. 218; 2001, c. 51, s. 228; 2002, c. 9, s. 104; 2002, c. 40, s. 198; 2002, c. 45, s. 521; 2004, c. 37, s. 90; 2005, c. 23, s. 215; 2006, c. 13, s. 169; 2012, c. 8, s. 228.

2011-07-01

1029.8.36.95. In this division,

“eligibility period” applicable to an individual for a taxation year in relation to a corporation means the part of the year within the period for which the qualification certificate issued to the corporation in respect of the individual is valid;

“eligible fund manager” of a corporation for a taxation year means an individual in respect of whom a certificate is issued to the corporation for the year by the Minister of Finance certifying that, for the entire eligibility period applicable to the individual for the year in relation to the corporation,

(a)  the individual’s contract of employment provides for at least 26 hours of work per week; and

(b)  the individual devotes all or substantially all time at work in relation to the individual’s employment with the corporation to fund management activities in an establishment of the corporation situated in Québec;

“qualification certificate” in respect of an individual means a certificate issued to a corporation by the Minister of Finance after 31 March 1998 that certifies that the individual qualifies as a fund manager for the purposes of this division and that the individual took up employment with the corporation in that capacity before 12 June 2003;

“qualified corporation” means any of the following corporations:

(a)  a corporation registered with the Autorité des marchés financiers in accordance with the Securities Act (chapter V-1.1) as an adviser with an unrestricted practice;

(b)  a portfolio management corporation exempt from registration as an adviser under section 194.2 of the Securities Regulation (R.R.Q., c. V-1.1, r. 50);

“qualified wages” paid by a corporation for a taxation year to an individual means the lesser of

(a)  the amount obtained by multiplying $75,000 by the proportion that the number of weeks ending in the eligibility period applicable to the individual for the year in relation to the corporation and for which the corporation paid the individual an amount as wages is of 52; and

(b)  the amount by which the aggregate of all amounts each of which is an amount of wages paid by the corporation to the individual for a week ending in the eligibility period applicable to the individual for the year in relation to the corporation, exceeds the aggregate of

i.  the aggregate of all amounts each of which is an amount of government assistance or non-government assistance attributable to such wages, that the corporation has received, is entitled to receive or may reasonably expect to receive, on or before the corporation’s filing-due date for that taxation year, and

ii.  the aggregate of all amounts each of which is the amount of a benefit or advantage in respect of such wages, other than a benefit or advantage that may reasonably be attributed to the individual’s employment with the corporation as eligible fund manager, that a person or partnership has obtained, is entitled to obtain or may reasonably expect to obtain, on or before the corporation’s filing-due date for that taxation year, whether in the form of a reimbursement, compensation, guarantee, in the form of proceeds of disposition of property which exceed the fair market value of the property, or in any other form or manner;

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

For the purposes of the definition of “qualified wages” in the first paragraph, a week ending in the eligibility period applicable to the individual for the year in relation to the corporation is deemed not to be such a week where

(a)  the corporation is not a qualified corporation at any time during that week;

(b)  the individual is a specified shareholder of the corporation at any time during that week;

(c)  (subparagraph repealed).

1999, c. 83, s. 218; 2001, c. 51, s. 228; 2002, c. 9, s. 104; 2002, c. 40, s. 198; 2002, c. 45, s. 521; 2004, c. 37, s. 90; 2005, c. 23, s. 215; 2006, c. 13, s. 169.

2006-06-13

1029.8.36.95. In this division,

“eligibility period” applicable to an individual for a taxation year in relation to a corporation means the part of the year within the period for which the qualification certificate issued to the corporation in respect of the individual is valid;

“eligible fund manager” of a corporation for a taxation year means an individual in respect of whom a certificate is issued to the corporation for the year by the Minister of Finance certifying that, for the entire eligibility period applicable to the individual for the year in relation to the corporation,

(a)  the individual’s contract of employment provides for at least 26 hours of work per week; and

(b)  the individual devotes all or substantially all time at work in relation to the individual’s employment with the corporation to fund management activities in an establishment of the corporation situated in Québec;

“qualification certificate” in respect of an individual means a certificate issued to a corporation by the Minister of Finance after 31 March 1998 that certifies that the individual qualifies as a fund manager for the purposes of this division and that the individual took up employment with the corporation in that capacity before 12 June 2003;

“qualified corporation” means any of the following corporations:

(a)  a corporation registered with the Autorité des marchés financiers in accordance with the Securities Act (chapter V-1.1) as an adviser with an unrestricted practice;

(b)  a portfolio management corporation exempt from registration as an adviser under section 194.2 of the Securities Regulation made by Order in Council 660-83 (1983, G.O. 2, 1269);

“qualified wages” paid by a corporation for a taxation year to an individual means the lesser of

(a)  the amount obtained by multiplying $75,000 by the proportion that the number of weeks ending in the eligibility period applicable to the individual for the year in relation to the corporation and for which the corporation paid the individual an amount as wages is of 52; and

(b)  the amount by which the aggregate of all amounts each of which is an amount of wages paid by the corporation to the individual for a week ending in the eligibility period applicable to the individual for the year in relation to the corporation, exceeds the aggregate of

i.  the aggregate of all amounts each of which is an amount of government assistance or non-government assistance attributable to such wages, that the corporation has received, is entitled to receive or may reasonably expect to receive, on or before the corporation’s filing-due date for that taxation year, and

ii.  the aggregate of all amounts each of which is the amount of a benefit or advantage in respect of such wages, other than a benefit or advantage that may reasonably be attributed to the individual’s employment with the corporation as eligible fund manager, that a person or partnership has obtained, is entitled to obtain or may reasonably expect to obtain, on or before the corporation’s filing-due date for that taxation year, whether in the form of a reimbursement, compensation, guarantee, in the form of proceeds of disposition of property which exceed the fair market value of the property, or in any other form or manner;

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

For the purposes of the definition of “qualified wages” in the first paragraph, a week ending in the eligibility period applicable to the individual for the year in relation to the corporation is deemed not to be such a week where

(a)  the corporation is not a qualified corporation at any time during that week;

(b)  the individual is a specified shareholder of the corporation at any time during that week;

(c)  (subparagraph repealed).

1999, c. 83, s. 218; 2001, c. 51, s. 228; 2002, c. 9, s. 104; 2002, c. 40, s. 198; 2002, c. 45, s. 521; 2004, c. 37, s. 90; 2005, c. 23, s. 215; 2006, c. 13, s. 169.

2006-03-01

1029.8.36.95. In this division,

"eligibility period" applicable to an individual for a taxation year in relation to a corporation means the part of the year within the period for which the qualification certificate issued to the corporation in respect of the individual is valid;

"eligible fund manager" of a corporation for a taxation year means an individual in respect of whom a certificate is issued to the corporation for the year by the Minister of Finance certifying that, for the entire eligibility period applicable to the individual for the year in relation to the corporation,

(a)  the individual’s contract of employment provides for at least 26 hours of work per week; and

(b)  the individual devotes all or substantially all time at work in relation to the individual’s employment with the corporation to fund management activities in an establishment of the corporation situated in Québec;

"qualification certificate" in respect of an individual means a certificate issued to a corporation by the Minister of Finance after 31 March 1998 that certifies that the individual qualifies as a fund manager for the purposes of this division and that the individual took up employment with the corporation in that capacity before 12 June 2003;

"qualified corporation" means any of the following corporations:

(a)  a corporation registered with the Autorité des marchés financiers in accordance with the Securities Act (chapter V-1.1) as an adviser with an unrestricted practice;

(b)  a portfolio management corporation whose customers are solely sophisticated purchasers, within the meaning of the Securities Act, and are exempt from registration as advisers under section 157 of that Act;

"qualified wages" paid by a corporation for a taxation year to an individual means the lesser of

(a)  the amount obtained by multiplying $75,000 by the proportion that the number of weeks ending in the eligibility period applicable to the individual for the year in relation to the corporation and for which the corporation paid the individual an amount as wages is of 52; and

(b)  the amount by which the aggregate of all amounts each of which is an amount of wages paid by the corporation to the individual for a week ending in the eligibility period applicable to the individual for the year in relation to the corporation, exceeds the aggregate of

i.  the aggregate of all amounts each of which is an amount of government assistance or non-government assistance attributable to such wages, that the corporation has received, is entitled to receive or may reasonably expect to receive, on or before the corporation’s filing-due date for that taxation year, and

ii.  the aggregate of all amounts each of which is the amount of a benefit or advantage in respect of such wages, other than a benefit or advantage that may reasonably be attributed to the individual’s employment with the corporation as eligible fund manager, that a person or partnership has obtained, is entitled to obtain or may reasonably expect to obtain, on or before the corporation’s filing-due date for that taxation year, whether in the form of a reimbursement, compensation, guarantee, in the form of proceeds of disposition of property which exceed the fair market value of the property, or in any other form or manner;

"wages" means the income computed pursuant to Chapters I and II of Title II of Book III.

For the purposes of the definition of "qualified wages" in the first paragraph, a week ending in the eligibility period applicable to the individual for the year in relation to the corporation is deemed not to be such a week where

(a)  the corporation is not a qualified corporation at any time during that week;

(b)  the individual is a specified shareholder of the corporation at any time during that week;

(c)  (subparagraph repealed).

1999, c. 83, s. 218; 2001, c. 51, s. 228; 2002, c. 9, s. 104; 2002, c. 40, s. 198; 2002, c. 45, s. 521; O.C. 45-2004; 2004, c. 37, s. 90; 2005, c. 23, s. 215.