I-3, r. 1 - Regulation respecting the Taxation Act

Section 1027r1 Disposition versions

2023-02-08

1027R1. For the purposes of subparagraph i of subparagraph a of the first paragraph of section 1027 of the Act and subject to sections 1027R7 and 1027R9, the first basic provisional account of a corporation for a taxation year means the proportion of the tax payable under Part I of the Act by the corporation for the preceding taxation year, computed in the manner specified in the second paragraph or, where the corporation was for that preceding taxation year a corporation referred to in the third paragraph, the proportion of what that tax so computed would have been if that corporation had not been such a corporation, that 365 is of the number of days in that year.

The tax payable under the first paragraph is computed without taking into account

(a)  an amount excluded from the income for the preceding year under sections 294 to 298 of the Act in respect of an option exercised in a subsequent taxation year;

(b)  an amount deducted for the preceding year in respect of a subsequent taxation year and to which section 1012.1 of the Act refers; and

(c)  the specified tax consequences for the year.

A corporation to which the first paragraph refers is a corporation that was, for the preceding taxation year referred to in that paragraph,

(a)  (subparagraph revoked);

(b)  (subparagraph revoked);

(c)  (subparagraph revoked);

(d)  a corporation dedicated to the commercialization of intellectual property within the meaning of sections 771.14 and 771.15 of the Act; or

(e)  a corporation that operated an international financial centre in the fiscal period that ended in that preceding year.

s. 1027R1; O.C. 2962-82, s. 84; O.C. 500-83, s. 84; O.C. 421-88, s. 33; O.C. 1076-88, s. 24; Erratum, 1988 G.O. 2, 5009 and 5519; O.C. 1114-92, s. 37; O.C. 1697-92, s. 58; O.C. 1633-96, s. 30; O.C. 1707-97, s. 98; O.C. 1466-98, s. 97; O.C. 1463-2001, s. 137; O.C. 1282-2003, s. 60; O.C. 134-2009, s. 1; O.C. 1176-2010, s. 45; O.C. 390-2012, s. 69; O.C. 90-2023, s. 20.

2012-09-01

1027R1. For the purposes of subparagraph i of subparagraph a of the first paragraph of section 1027 of the Act and subject to sections 1027R7 and 1027R9, the first basic provisional account of a corporation for a taxation year means the proportion of the tax payable under Part I of the Act by the corporation for the preceding taxation year, computed in the manner specified in the second paragraph or, where the corporation was for that preceding taxation year a corporation referred to in the third paragraph, the proportion of what that tax so computed would have been if that corporation had not been such a corporation, that 365 is of the number of days in that year.

The tax payable under the first paragraph is computed without taking into account

(a)  an amount excluded from the income for the preceding year under sections 294 to 298 of the Act in respect of an option exercised in a subsequent taxation year;

(b)  an amount deducted for the preceding year in respect of a subsequent taxation year and to which section 1012.1 of the Act refers; and

(c)  the specified tax consequences for the year.

A corporation to which the first paragraph refers is a corporation that was, for the preceding taxation year referred to in that paragraph,

(a)  a corporation that carried on a recognized business within the meaning of the first paragraph of section 737.18.14 of the Act, or that was a member of a partnership that carried on such a recognized business in the fiscal period that ended in that preceding year;

(b)  a qualified corporation within the meaning of the first paragraph of section 737.18.18 or sections 771.5 to 771.7 of the Act;

(c)  an exempt corporation within the meaning of sections 771.12 and 771.13 of the Act;

(d)  a corporation dedicated to the commercialization of intellectual property within the meaning of sections 771.14 and 771.15 of the Act; or

(e)  a corporation that operated an international financial centre or was a member of a partnership that operated an international financial centre in the fiscal period that ended in that preceding year.

s. 1027R1; O.C. 2962-82, s. 84; O.C. 500-83, s. 84; O.C. 421-88, s. 33; O.C. 1076-88, s. 24; Erratum, 1988 G.O. 2, 5009 and 5519; O.C. 1114-92, s. 37; O.C. 1697-92, s. 58; O.C. 1633-96, s. 30; O.C. 1707-97, s. 98; O.C. 1466-98, s. 97; O.C. 1463-2001, s. 137; O.C. 1282-2003, s. 60; O.C. 134-2009, s. 1; O.C. 1176-2010, s. 45; O.C. 390-2012, s. 69.