I-3 - Taxation Act

Section 1029.8.19.9 Disposition versions

2015-12-04

1029.8.19.9. The amount to which the definition of “exclusion threshold” in the first paragraph of section 1029.8.19.8 refers in respect of a taxpayer for a taxation year or of a partnership for a fiscal period is equal to the amount determined by the formula

$50,000 + [$175,000 × (A - $50,000,000)/$25,000,000].

In the formula in the first paragraph, A is the lesser of $75,000,000 and the taxpayer’s or the partnership’s assets, as the case may be, shown in the taxpayer’s or partnership’s financial statements submitted, if the taxpayer is a corporation, to the shareholders or, if the taxpayer is a partnership, to the partnership’s members, or, if such financial statements have not been prepared or have not been prepared in accordance with generally accepted accounting principles, that would be shown had such financial statements been prepared in accordance with generally accepted accounting principles, for the taxpayer’s preceding taxation year or the partnership’s preceding fiscal period, as the case may be, or, if the taxpayer or the partnership is in its first fiscal period, at the beginning of its fiscal period.

Where the taxpayer referred to in the second paragraph is a cooperative, the second paragraph is to be read as if “to the shareholders” were replaced by “to the members”.

For the purposes of the second paragraph, if the assets of a taxpayer for a taxation year or of a partnership for a fiscal period is less than $50,000,000, they are deemed to be equal to $50,000,000.

2015, c. 36, s. 99.