I-3 - Taxation Act

Section 217.29 Disposition versions

2015-10-26

217.29. No claim may be made under section 217.27 in computing a corporation’s income for a taxation year in respect of a partnership

(a)  unless, in the case of a corporation that is a member of a partnership in respect of which there is a multi-tier alignment, the corporation has been a member of the partnership continuously since before 22 March 2011 to the end of the year;

(b)  unless, in the case of a corporation that is a member of a partnership in respect of which there is no multi-tier alignment, the corporation is a member of the partnership

i.  at the end of the partnership’s fiscal period that begins before 22 March 2011 and ends in the taxation year of the corporation that includes that date,

ii.  at the end of the partnership’s fiscal period commencing immediately after the fiscal period referred to in subparagraph i and continues to be a member until after the end of the taxation year of the corporation that includes 22 March 2011, and

iii.  continuously since before 22 March 2011 until the end of the year;

(c)  if at the end of the year or at any time in the following taxation year,

i.  the corporation’s income is exempt from tax under this Part, or

ii.  the corporation is not resident in Canada and the partnership does not carry on business through an establishment in Canada; or

(d)  if the year ends immediately before another taxation year

i.  at the beginning of which the partnership no longer principally carries on the activities to which the reserve relates,

ii.  in which the corporation becomes a bankrupt, or

iii.  in which the corporation is dissolved or wound up (other than in circumstances to which the rules in sections 556 to 564.1 and 565 apply).

2013, c. 10, s. 21; 2015, c. 24, s. 47.

2013-06-05

217.29. No deduction may be made under section 217.27 in computing a corporation’s income for a taxation year in respect of a partnership

(a)  unless, in the case of a corporation that is a member of a partnership in respect of which there is a multi-tier alignment, the corporation has been a member of the partnership continuously since before 22 March 2011 to the end of the year;

(b)  unless, in the case of a corporation that is a member of a partnership in respect of which there is no multi-tier alignment, the corporation is a member of the partnership

i.  at the end of the partnership’s fiscal period that begins before 22 March 2011 and ends in the taxation year of the corporation that includes that date,

ii.  at the end of the partnership’s fiscal period commencing immediately after the fiscal period referred to in subparagraph i and continues to be a member until after the end of the taxation year of the corporation that includes 22 March 2011, and

iii.  continuously since before 22 March 2011 until the end of the year;

(c)  if at the end of the year or at any time in the following taxation year,

i.  the corporation’s income is exempt from tax under this Part, or

ii.  the corporation is not resident in Canada and the partnership does not carry on business through an establishment in Canada; or

(d)  if the year ends immediately before another taxation year

i.  at the beginning of which the partnership no longer principally carries on the activities to which the reserve relates,

ii.  in which the corporation becomes a bankrupt, or

iii.  in which the corporation is dissolved or wound up (other than in circumstances to which the rules in sections 556 to 564.1 and 565 apply).

2013, c. 10, s. 21.