I-3 - Taxation Act

Section 1029.8.36.59.32 Disposition versions

2013-06-05

1029.8.36.59.32. In this division,

“investment under the plan” has the meaning assigned by the first paragraph of section 1129.12.12;

“qualification certificate” means a qualification certificate issued either under section 11 of the Cooperative Investment Plan Act (chapter R-8.1.1), as it read before being repealed, or under section 5.5 of Schedule C to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1);

“qualified cooperative” has the meaning assigned by the first paragraph of section 2 of the Cooperative Investment Plan Act;

“tax credit relating to Part III.2.3” of a qualified cooperative for a particular taxation year means the negative amount determined by the following formula and expressed as a positive number:

30% (A - B) + C - D.

In the formula in the definition of “tax credit relating to Part III.2.3” of a qualified cooperative for a particular taxation year, in the first paragraph,

(a)  A is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the Cooperative Investment Plan Act and under the cooperative investment plan enacted by Order in Council 1596-85 (1985, G.O. 2, 5580, in French only) and that are outstanding at the end of the calendar year ending in the particular taxation year, exceeds an amount equal to 165% of the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative holds at the end of that calendar year;

(b)  B is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the cooperative investment plan and that are outstanding immediately before the issue to the qualified cooperative of its first qualification certificate, exceeds the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative held at that time;

(c)  C is the aggregate of all amounts each of which is an amount that the qualified cooperative is deemed to have paid to the Minister under this division on account of its tax payable under this Part for a taxation year preceding the particular taxation year;

(d)  D is the aggregate of all amounts each of which is a tax that the qualified cooperative is required to pay under Part III.2.3 for a calendar year preceding the calendar year in which the particular taxation year ends; and

(e)  where the result of the subtraction of the amounts that A and B represent is less than zero, the result of that subtraction is deemed to be equal to zero;

(f)  (subparagraph repealed).

For the purposes of this division, a reference to a calendar year ending in a taxation year includes a reference to a calendar year ending coincidentally with that taxation year.

2006, c. 37, s. 40; 2012, c. 1, s. 63; 2013, c. 10, s. 117.

2012-03-05

1029.8.36.59.32. In this division,

“investment under the plan” has the meaning assigned by the first paragraph of section 1129.12.12;

“qualification certificate” means a qualification certificate issued either under section 11 of the Cooperative Investment Plan Act (chapter R-8.1.1), as it read before being repealed, or under section 5.5 of Schedule C to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1);

“qualified cooperative” has the meaning assigned by the first paragraph of section 2 of the Cooperative Investment Plan Act;

“specified percentage” has the meaning assigned by the first paragraph of section 1129.12.12;

“tax credit relating to Part III.2.3” of a qualified cooperative for a particular taxation year means the negative amount determined by the following formula and expressed as a positive number:

30% [A − (B + C)] + D − E;

“transition time” has the meaning assigned by the first paragraph of section 1129.12.12.

In the formula in the definition of “tax credit relating to Part III.2.3” of a qualified cooperative for a particular taxation year, in the first paragraph,

(a)  A is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the Cooperative Investment Plan Act and under the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01) and that are outstanding at the end of the particular calendar year, exceeds an amount equal to the result obtained by applying the specified percentage for the year to the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative holds at the end of the particular calendar year;

(b)  B is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation and that are outstanding immediately before the issue to the qualified cooperative of its first qualification certificate, exceeds the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative held immediately before the issue of its first qualification certificate;

(c)  C is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the Cooperative Investment Plan Act and under the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation and that are outstanding at the transition time, up to an amount equal to 165% of the acquisition cost, determined without taking into account the borrowing costs and other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative holds at that time, exceeds an amount equal to 115% of the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative holds at that time;

(d)  D is the aggregate of all amounts each of which is an amount that the qualified cooperative is deemed to have paid to the Minister under this division on account of its tax payable under this Part for a taxation year preceding the particular taxation year;

(e)  E is the aggregate of all amounts each of which is a tax that the qualified cooperative is required to pay under Part III.2.3 for a calendar year preceding the calendar year in which the particular taxation year ends; and

(f)  the result of the addition of the amounts that B and C represent may not be greater than the excess amount determined under subparagraph a.

For the purposes of this division, a reference to a calendar year ending in a taxation year includes a reference to a calendar year ending coincidentally with that taxation year.

2006, c. 37, s. 40; 2012, c. 1, s. 63.

2006-12-06

1029.8.36.59.32. In this division,

“investment under the plan” has the meaning assigned by the first paragraph of section 1129.12.12;

“qualification certificate” means a qualification certificate issued under section 11 of the Cooperative Investment Plan Act (chapter R-8.1.1);

“qualified cooperative” has the meaning assigned by the first paragraph of section 2 of the Cooperative Investment Plan Act;

“specified percentage” has the meaning assigned by the first paragraph of section 1129.12.12;

“tax credit relating to Part III.2.3” of a qualified cooperative for a particular taxation year means the negative amount determined by the following formula and expressed as a positive number:

30% [A − (B + C)] + D − E;

“transition time” has the meaning assigned by the first paragraph of section 1129.12.12.

In the formula in the definition of “tax credit relating to Part III.2.3” of a qualified cooperative for a particular taxation year, in the first paragraph,

(a)  A is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the Cooperative Investment Plan Act and under the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01) and that are outstanding at the end of the particular calendar year, exceeds an amount equal to the result obtained by applying the specified percentage for the year to the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative holds at the end of the particular calendar year;

(b)  B is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation and that are outstanding immediately before the issue to the qualified cooperative of its first qualification certificate, exceeds the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative held immediately before the issue of its first qualification certificate;

(c)  C is the amount by which the aggregate of the amounts paid in respect of the securities that are issued by the qualified cooperative under the Cooperative Investment Plan Act and under the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation and that are outstanding at the transition time, up to an amount equal to 165% of the acquisition cost, determined without taking into account the borrowing costs and other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative holds at that time, exceeds an amount equal to 115% of the acquisition cost, determined without taking into account the borrowing costs and the other costs related to their acquisition, of the aggregate of the investments under the plan that the qualified cooperative holds at that time;

(d)  D is the aggregate of all amounts each of which is an amount that the qualified cooperative is deemed to have paid to the Minister under this division on account of its tax payable under this Part for a taxation year preceding the particular taxation year;

(e)  E is the aggregate of all amounts each of which is a tax that the qualified cooperative is required to pay under Part III.2.3 for a calendar year preceding the calendar year in which the particular taxation year ends; and

(f)  the result of the addition of the amounts that B and C represent may not be greater than the excess amount determined under subparagraph a.

For the purposes of this division, a reference to a calendar year ending in a taxation year includes a reference to a calendar year ending coincidentally with that taxation year.

2006, c. 37, s. 40.