I-3 - Taxation Act

Section 737.18.3 Disposition versions

2012-05-09

737.18.3. (Repealed).

1999, c. 83, s. 80; 2000, c. 39, s. 264; 2012, c. 8, s. 72.

2006-03-01

737.18.3. Subject to the third paragraph, a qualified corporation may, in computing its taxable income for a taxation year, deduct an amount that does not exceed the amount by which

(a)  the aggregate of all amounts each of which is the amount obtained by multiplying the income of the qualified corporation for the year from its activities relating to the administration and management of a qualified investment fund of the qualified corporation in respect of which the conditions mentioned in the second paragraph are met, by the proportion that the number of days in the year comprised in the exemption period applicable to the qualified corporation in respect of that fund is of the number of days in the year during which it administers and manages that fund; exceeds

(b)  the aggregate of all amount each of which is the amount obtained by multiplying the loss of the qualified corporation for the year from its activities relating to the administration and management of a qualified investment fund of the qualified corporation in respect of which the conditions mentioned in the second paragraph are met, by the proportion that the number of days in the year comprised in the exemption period applicable to the qualified corporation in respect of that fund is of the number of days in the year during which it administers and manages that fund.

The conditions to which subparagraph a or b, as the case may be, of the first paragraph refers in respect of a qualified investment fund of the qualified corporation are as follows:

(a)  a qualification certificate, the date of which is not after the filing-due date of the qualified corporation for the year, has been issued to the qualified corporation in respect of that fund or, where the date is after the filing-due date of the qualified corporation for the year, a temporary certificate, the date of which is not after that filing-due date, has been issued to the qualified corporation in respect of that fund;

(b)  the taxation year of the qualified corporation is comprised, in whole or in part, in the exemption period applicable to the qualified corporation in respect of that fund.

A qualified corporation may not deduct an amount in computing its taxable income for a taxation year under the first paragraph unless it encloses with its fiscal return it is required to file for the year under section 1000 the prescribed form containing the prescribed information and, in relation to each qualified investment fund of the qualified corporation that is referred to for the year in subparagraph a or b of the first paragraph, a copy of the valid qualification certificate or valid temporary certificate, as the case may be, mentioned in subparagraph a of the second paragraph in respect of that fund and a copy of the valid certificate issued to the qualified corporation by the Minister of Finance for the year in respect of that fund.

1999, c. 83, s. 80; 2000, c. 39, s. 264.