I-3 - Taxation Act

Section 1027.0.1 Disposition versions

2010-04-20

1027.0.1. For the purposes of subparagraph iii of subparagraph a of the first paragraph of section 1027, a qualified Canadian-controlled private corporation, at a particular time in a taxation year, means a Canadian-controlled private corporation in respect of which the following conditions are met:

(a)  the corporation’s taxable income for the year or the preceding taxation year does not exceed $500,000;

(b)  the corporation’s paid-up capital for the year or the preceding taxation year does not exceed $10,000,000;

(c)  the excess amount referred to in paragraph a of section 771.2.1.2, computed in respect of the corporation for the year or the preceding taxation year, is an amount greater than zero; and

(d)  throughout the 12-month period that ends on the day on which the corporation is required to make its last payment under this division, the corporation has

i.  paid, on or before the date of expiry of the time allowed to do so, all amounts that were required to be paid under section 1015, Chapter IV of the Act respecting parental insurance (chapter A-29.011), Division I of Chapter IV of the Act respecting the Régie de l’assurance maladie du Québec (chapter R-5), Title III of the Act respecting the Québec Pension Plan (chapter R-9) or Title I of the Act respecting the Québec sales tax (chapter T-0.1), and

ii.  filed, on or before the date of expiry of the time allowed to do so, all returns that were required to be filed by the corporation under this Act or Title I of the Act respecting the Québec sales tax.

For the purposes of subparagraph b of the first paragraph, the paid-up capital of a corporation is

(a)  in respect of a corporation referred to in paragraph a or c of section 1132 or a mining corporation that has not reached the production stage, its paid-up capital that would be determined in accordance with Book III of Part IV if no reference were made to section 1138.2.6;

(b)  in respect of an insurance corporation, other than a corporation referred to in subparagraph a, its paid-up capital that would be determined in accordance with Title II of Book III of Part IV, if the corporation were a bank and if paragraph a of section 1140 were replaced by paragraph a of subsection 1 of section 1136; and

(c)  in respect of a cooperative, its paid-up capital that would be determined in accordance with Title I of Book III of Part IV if no reference were made to section 1138.2.6.

2009, c. 15, s. 191; 2010, c. 5, s. 135.

2009-06-04

1027.0.1. For the purposes of subparagraph iii of subparagraph a of the first paragraph of section 1027, a qualified Canadian-controlled private corporation, at a particular time in a taxation year, means a Canadian-controlled private corporation in respect of which the following conditions are met:

(a)  the corporation’s taxable income for the year or the preceding taxation year does not exceed $400,000;

(b)  the corporation’s paid-up capital for the year or the preceding taxation year does not exceed $10,000,000;

(c)  the excess amount referred to in paragraph a of section 771.2.1.2, computed in respect of the corporation for the year or the preceding taxation year, is an amount greater than zero; and

(d)  throughout the 12-month period that ends on the day on which the corporation is required to make its last payment under this division, the corporation has

i.  paid, on or before the date of expiry of the time allowed to do so, all amounts that were required to be paid under section 1015, Chapter IV of the Act respecting parental insurance (chapter A-29.011), Division I of Chapter IV of the Act respecting the Régie de l’assurance maladie du Québec (chapter R-5), Title III of the Act respecting the Québec Pension Plan (chapter R-9) or Title I of the Act respecting the Québec sales tax (chapter T-0.1), and

ii.  filed, on or before the date of expiry of the time allowed to do so, all returns that were required to be filed by the corporation under this Act or Title I of the Act respecting the Québec sales tax.

For the purposes of subparagraph b of the first paragraph, the paid-up capital of a corporation is

(a)  in respect of a corporation referred to in paragraph a or c of section 1132 or a mining corporation that has not reached the production stage, its paid-up capital that would be determined in accordance with Book III of Part IV if no reference were made to section 1138.2.6;

(b)  in respect of an insurance corporation, other than a corporation referred to in subparagraph a, its paid-up capital that would be determined in accordance with Title II of Book III of Part IV, if the corporation were a bank and if paragraph a of section 1140 were replaced by paragraph a of subsection 1 of section 1136; and

(c)  in respect of a cooperative, its paid-up capital that would be determined in accordance with Title I of Book III of Part IV if no reference were made to section 1138.2.6.

2009, c. 15, s. 191.