I-3 - Taxation Act

Section 1029.8.9.0.3.8 Disposition versions

2015-12-04

1029.8.9.0.3.8. Despite any other provision of this division, the following rules apply:

(a)  where a corporation that is not controlled, directly or indirectly, in any manner whatever by one or more persons not resident in Canada (in this section referred to as “the first corporation”) has more than one taxation year ending in the same calendar year and it is associated in two or more of those taxation years with another such corporation that has a taxation year ending in that calendar year, the expenditure limit of the first corporation for each taxation year in which it is associated with the other corporation ending in that calendar year is, subject to paragraph b, an amount equal to its expenditure limit for the first such taxation year determined without reference to paragraph b; and

(b)  where a corporation that is not controlled, directly or indirectly, in any manner whatever by one or more persons not resident in Canada has a taxation year that is less than 51 weeks, its expenditure limit for the year is equal to that proportion of its expenditure limit for the year determined without reference to this paragraph that the number of days in the year is of 365.

2015, c. 36, s. 88.