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I-3 - Taxation Act
Section 772.12
Disposition versions
772.12. A corporation that is resident in Canada and that carries on a business in Québec at any time in a taxation year may deduct from its tax otherwise payable for the year an amount that does not exceed the lesser of
(a) the total of the corporation’s unused portions of the foreign tax credit for the 20 taxation years preceding the year and the three taxation years following the year; and
(b) the amount by which the corporation’s tax otherwise payable under this Part for the year exceeds any amount deducted under section 772.6 in computing the corporation’s tax payable under this Part for the year.
772.12. A corporation that is resident in Canada and that carries on a business in Québec at any time in a taxation year may deduct from its tax otherwise payable for the year an amount that does not exceed the lesser of
(a) the total of the corporation’s unused portions of the foreign tax credit for the 20 taxation years preceding the year and the three taxation years following the year; and
(b) the amount by which the corporation’s tax otherwise payable under this Part for the year exceeds the aggregate of all amounts deducted under section 772.6 in computing the corporation’s tax payable under this Part for the year and the amount deducted by the corporation under section 776.1.5.4 in that computation for the year.
772.12. A corporation that is resident in Canada and that carries on a business in Québec at any time in a taxation year may deduct from its tax otherwise payable for the year an amount that does not exceed the lesser of
(a) the total of the corporation’s unused portions of the foreign tax credit for the ten taxation years preceding the year and the three taxation years following the year; and
(b) the amount by which the corporation’s tax otherwise payable under this Part for the year exceeds the aggregate of all amounts deducted under section 772.6 in computing the corporation’s tax payable under this Part for the year and the amount deducted by the corporation under section 776.1.5.4 in that computation for the year.
