I-3 - Taxation Act

Section 776.1.38 Disposition versions

2021-06-04

776.1.38. A qualified investor for a taxation year that, on or before the day that is 12 months after the qualified investor’s filing-due date for that year, encloses the documents described in the second paragraph with the fiscal return it is required to file under section 1000 for the year may deduct from its tax payable under this Part for that year, determined before the application of this section and of the second paragraph of section 776.1.39, an amount equal to 30% of the lesser of $750,000 and the aggregate of all amounts each of which is its eligible investment for the year in a corporation in relation to an authorized investment certificate.

The documents to which the first paragraph refers are the following:

(a)  the prescribed form containing prescribed information;

(b)  a copy of the authorized investment certificate relating to each of the qualified investor’s eligible investments for the year in a corporation; and

(c)  a written confirmation from the authorized representative of the corporation holding the authorized investment certificate referred to in subparagraph b specifying the amount received from the qualified investor for the issue of shares of the capital stock of the corporation in relation to the certificate, the issue date of the shares and the portion of the amount of the authorized investment specified in the certificate that was assigned by the corporation to the qualified investor.

2021, c. 18, s. 67.