S-34 - Act respecting fiscal incentives to industrial development

Section 6 Disposition versions

1977-12-31

6. The election contemplated in section 4 shall not be made by a corporation in respect of a taxation year unless:

(a)  at least 50 % of the gross revenue, within the meaning of section 1 of the Taxation Act, of the corporation for the year is from production operations carried on by the corporation itself; and

(b)  the corporation meets, simultaneously, the two following requirements, for the year, for the preceding taxation year, or for the year preceding the preceding taxation year:

i.  the corporation and every other corporation related to it together had 200 employees or fewer either on the last day of the year or in the course of the year according to the average annual number of employees, computed by adding up the number of employees on the first day of each month of the year and dividing the sum so obtained by the number of months in the year, and

ii.  the assets of the corporation and those of every other corporation related to it together amounted to less than $7 500 000 at the end of the year, according to the value appearing in the balance sheet of such corporations submitted to the shareholders, after deducting from such assets the balance so appearing of the sums deposited in the fund, if any, the amounts invested in such related corporation and the amounts receivable from such related corporation.

1977, c. 59, s. 6.