I-3 - Taxation Act

Section 1135 Disposition versions

2009-05-15

1135. In no case may the tax payable by a corporation, other than a corporation referred to in subparagraph d, that is a farming corporation or a corporation whose activities consist mainly in carrying on a fishing business be less than $125, or the tax payable by another corporation that is not one of the following corporations be less than $250:

(a)  (subparagraph repealed);

(b)  (subparagraph repealed);

(c)  a corporation referred to in section 61 of the Act respecting international financial centres (chapter C-8.3);

(d)  a corporation whose activities in the taxation year, and those of any partnership of which the corporation is a member, in the fiscal period of that partnership that ends in the taxation year, consist solely in carrying on eligible activities of a recognized business carried on by the corporation in the taxation year or by the partnership in the fiscal period, during any of the following periods:

i.  the eligibility period of the corporation or partnership, as the case may be, in respect of a major investment project relating to the recognized business,

ii.  the base period applicable to the corporation or partnership, as the case may be, in respect of those eligible activities, or

iii.  the exemption period applicable to the corporation in respect of those eligible activities; and

(e)  a tax-exempt corporation under sections 1143 and 1144.

However, the first paragraph applies to a corporation only if the corporation is referred to in paragraph a of section 1132 or prescribed for the purposes of subparagraph a of the first paragraph of section 1143 and if its taxation year begins before 1 January 2011.

1972, c. 23, s. 848; 1972, c. 26, s. 80; 1973, c. 17, s. 135; 1979, c. 38, s. 27; 1986, c. 15, s. 199; 1987, c. 21, s. 90; 1990, c. 7, s. 210; 1991, c. 8, s. 97; 1992, c. 1, s. 208; 1993, c. 64, s. 193; 1995, c. 63, s. 240; 1997, c. 3, s. 71; 1997, c. 14, s. 271; 1999, c. 86, s. 90; 2000, c. 39, s. 247; 2002, c. 9, s. 130; 2003, c. 9, s. 419; 2009, c. 5, s. 538.

2006-03-01

1135. In no case may the tax payable by a corporation, other than a corporation referred to in paragraph d, that is a farming corporation or a corporation whose activities consist mainly in carrying on a fishing business be less than $125, or the tax payable by another corporation that is not one of the following corporations be less than $250:

(a)  (paragraph repealed);

(b)  (paragraph repealed);

(c)  a corporation referred to in section 61 of the Act respecting international financial centres (chapter C-8.3);

(d)  a corporation whose activities in the taxation year, and those of any partnership of which the corporation is a member, in the fiscal period of that partnership that ends in the taxation year, consist solely in carrying on eligible activities of a recognized business carried on by the corporation in the taxation year or by the partnership in the fiscal period, during any of the following periods:

i.  the eligibility period of the corporation or partnership, as the case may be, in respect of a major investment project relating to the recognized business,

ii.  the base period applicable to the corporation or partnership, as the case may be, in respect of those eligible activities, or

iii.  the exemption period applicable to the corporation in respect of those eligible activities; and

(e)  a tax-exempt corporation under sections 1143 and 1144.

However, the first paragraph applies to a corporation only if the corporation is referred to in paragraph a of section 1132 or prescribed for the purposes of subparagraph a of the first paragraph of section 1143.

1972, c. 23, s. 848; 1972, c. 26, s. 80; 1973, c. 17, s. 135; 1979, c. 38, s. 27; 1986, c. 15, s. 199; 1987, c. 21, s. 90; 1990, c. 7, s. 210; 1991, c. 8, s. 97; 1992, c. 1, s. 208; 1993, c. 64, s. 193; 1995, c. 63, s. 240; 1997, c. 3, s. 71; 1997, c. 14, s. 271; 1999, c. 86, s. 90; 2000, c. 39, s. 247; 2002, c. 9, s. 130; 2003, c. 9, s. 419.