56. For the purposes of Title VII of Book IV of Part I of the Taxation Act (chapter I-3), the non-capital loss, farm loss, net capital loss or limited partnership loss, for a taxation year, of a person who, in that year is a corporation that operates an international financial centre or a member of a partnership that, in a fiscal period of the partnership ending in that year, operates such a centre, shall be determined as if 75 % of the person’s income or loss for the year from the operations of any international financial centre operated by the person and 75 % of the person’s share of the partnership’s income or loss for the fiscal period from the operations of any international financial centre operated by the partnership were nil.
1999, c. 86, s. 56; 2004, c. 21, s. 13.