I-3 - Taxation Act

Section 21.4.30 Disposition versions

2021-06-02

21.4.30. For the purpose of computing the amount that may be deducted, or that is deemed to have been paid to the Minister, by a taxpayer, in respect of a particular amount that arises in a subsequent taxation year, under any of sections 727 to 737, 772.12, 776.1.9, 1029.8.36.166.47, 1029.8.36.166.60.52 and 1029.8.36.171.2 in computing the taxpayer’s Québec tax results for a particular taxation year, the following rules apply:

(a)  if the subsequent taxation year is a functional currency year of the taxpayer and the particular taxation year is a Canadian currency year of the taxpayer, the following amounts (expressed in the taxpayer’s elected functional currency) are to be converted to Canadian currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year:

i.  the particular amount, and

ii.  any amount so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for another functional currency year of the taxpayer;

(b)  if the subsequent taxation year is a reversionary year of the taxpayer and the particular taxation year is a functional currency year of the taxpayer,

i.  the following amounts (expressed in Canadian currency) are to be converted to the taxpayer’s elected functional currency using the relevant spot rate for the last day of the taxpayer’s last functional currency year:

(1)  the particular amount, and

(2)  any amount so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for another reversionary year of the taxpayer, and

ii.  any amount (expressed in Canadian currency) so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for a Canadian currency year of the taxpayer is to be converted to the taxpayer’s elected functional currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year;

(c)  if the subsequent taxation year is a reversionary year of the taxpayer and the particular taxation year is a Canadian currency year of the taxpayer, the following amounts (expressed in the taxpayer’s elected functional currency) are to be converted to Canadian currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year:

i.  the amount that would be determined under subparagraph 1 of subparagraph i of paragraph b in respect of the particular amount if the particular taxation year were a functional currency year of the taxpayer, and

ii.  any amount so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for a functional currency year of the taxpayer; and

(d)  in any other case, this section does not apply.

2010, c. 5, s. 11; 2021, c. 14, s. 23.

2010-04-20

21.4.30. For the purpose of computing the amount that may be deducted, or that is deemed to have been paid to the Minister, by a taxpayer, in respect of a particular amount that arises in a subsequent taxation year, under any of sections 727 to 737, 772.12, 776.1.9, 1029.8.36.166.47 and 1029.8.36.171.2 in computing the taxpayer’s Québec tax results for a particular taxation year, the following rules apply:

(a)  if the subsequent taxation year is a functional currency year of the taxpayer and the particular taxation year is a Canadian currency year of the taxpayer, the following amounts (expressed in the taxpayer’s elected functional currency) are to be converted to Canadian currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year:

i.  the particular amount, and

ii.  any amount so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for another functional currency year of the taxpayer;

(b)  if the subsequent taxation year is a reversionary year of the taxpayer and the particular taxation year is a functional currency year of the taxpayer,

i.  the following amounts (expressed in Canadian currency) are to be converted to the taxpayer’s elected functional currency using the relevant spot rate for the last day of the taxpayer’s last functional currency year:

(1)  the particular amount, and

(2)  any amount so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for another reversionary year of the taxpayer, and

ii.  any amount (expressed in Canadian currency) so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for a Canadian currency year of the taxpayer is to be converted to the taxpayer’s elected functional currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year;

(c)  if the subsequent taxation year is a reversionary year of the taxpayer and the particular taxation year is a Canadian currency year of the taxpayer, the following amounts (expressed in the taxpayer’s elected functional currency) are to be converted to Canadian currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year:

i.  the amount that would be determined under subparagraph 1 of subparagraph i of paragraph b in respect of the particular amount if the particular taxation year were a functional currency year of the taxpayer, and

ii.  any amount so deducted, or so deemed to have been paid to the Minister, in computing the taxpayer’s Québec tax results for a functional currency year of the taxpayer; and

(d)  in any other case, this section does not apply.

2010, c. 5, s. 11.