I-3 - Taxation Act

Section 1029.8.36.166.60.45 Disposition versions

2021-06-02

1029.8.36.166.60.45. The amount to which the definition of “maximum tax credit amount” in the first paragraph of section 1029.8.36.166.60.36 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the total amount that the corporation would be deemed to have paid to the Minister for the taxation year under sections 1029.8.36.166.60.48 and 1029.8.36.166.60.49 if no reference were made to their third paragraph exceeds the amount by which its total taxes for the year exceed the amount it is deemed to have paid to the Minister for the year under section 1029.8.36.166.60.51.

The amount to which the definition of “limit relating to an unused portion” in the first paragraph of section 1029.8.36.166.60.36 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the aggregate of all amounts each of which is an excess amount described in subparagraph a of the first paragraph of section 1029.8.36.166.60.51 exceeds the corporation’s total taxes for the year.

The formula to which the first and second paragraphs refer is

1 – [(A – $50,000,000)/$50,000,000].

In the formula in the third paragraph, A is the greater of

(a)  $50,000,000; and

(b)  the greater of the assets and the gross revenue that applies to the corporation for the taxation year, without exceeding $100,000,000.

2021, c. 14, s. 151.