C-8.3 - Act respecting international financial centres

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49. In this chapter, unless the context indicates otherwise,
gross revenue of a corporation for a taxation year or of a partnership for a fiscal period means the gross revenue, within the meaning of section 1 of the Taxation Act (chapter I-3), of the corporation for the year or of the partnership for the fiscal period, determined without reference to
(1)  any amount of interest that is not included in computing the income or loss of the corporation from an eligible business carried on by it, within the meaning of section 771.1.1 of that Act, or that would not be included in computing such an income or loss of the partnership if the partnership were a corporation; and
(2)  any dividend;
income from a source means the income from that source, computed under Part I of the Taxation Act;
loss from a source means the loss from that source, computed under Part I of the Taxation Act;
specified income of a corporation for a taxation year or of a partnership for a fiscal period from the operations of an international financial centre operated by the corporation or partnership means the amount, greater than zero, determined by the formula

(C − A − B) × [(D / E) + (F / G)] / 2;
specified loss of a corporation for a taxation year or of a partnership for a fiscal period from the operations of an international financial centre operated by the corporation or partnership means the amount, greater than zero, determined by the formula

(A + B − C) × [(D / E) + (F / G)] / 2;
taxable income has the meaning assigned by Part I of the Taxation Act;
trust has the meaning assigned by section 646 of the Taxation Act;
wages means base wages, within the meaning of section 1159.1 of the Taxation Act, except wages paid by a corporation or partnership to a person who is, within the meaning of an agreement on social security that provides for the reciprocal coverage of health insurance plans, entered into between the Gouvernement du Québec and the government of a foreign country, a worker on secondment, for the period in which the person is such a seconded worker, if under the agreement the person is subject only to the legislation of the foreign country to which the reciprocal coverage applies.
In the formula in the definition of “specified income” and in the formula in the definition of “specified loss”, in the first paragraph,
(1)  A is the aggregate of the amounts that would be determined in respect of the corporation for the year or of the partnership for the fiscal period under subparagraphs i and ii of paragraph c of section 28 of the Taxation Act if that subparagraph i were read without reference to “and, if there is any remainder” and if no reference were made to the amounts provided for in the third paragraph;
(2)  B is the aggregate of all amounts each of which is the fair market value of a gift, referred to in section 710 of the Taxation Act or in any of the definitions of “total charitable gifts”, “total Crown gifts”, “total cultural gifts”, “total gifts of qualified property” and “total musical instrument gifts” in the first paragraph of section 752.0.10.1 of that Act, made in the year by the corporation or in the fiscal period on behalf of the partnership;
(3)  C is the amount that would be determined in respect of the corporation for the year or of the partnership for the fiscal period under paragraph a of section 28 of the Taxation Act if no reference were made to the amounts provided for in the third paragraph;
(4)  D is the portion of the gross revenue of the corporation for the year or of the partnership for the fiscal period from the operations of an international financial centre operated by the corporation or partnership;
(5)  E is the gross revenue of the corporation for the year or of the partnership for the fiscal period;
(6)  F is the aggregate of all amounts each of which is wages paid by the corporation in the year or by the partnership in the fiscal period that, in a proportion of 100% or 75%, as the case may be, and in accordance with section 64, do not constitute wages subject to the contribution provided for in section 34 of the Act respecting the Régie de l’assurance maladie du Québec (chapter R-5);
(7)  G is the aggregate of the wages paid by the corporation in the year or by the partnership in the fiscal period; and
(8)  if E or G is an amount equal to zero, the fraction of which it is the denominator is deemed to be equal to zero.
The amounts to which subparagraphs 1 and 3 of the second paragraph refer are
(1)  any share of the corporation or partnership in the partnership’s income or loss;
(2)  any amount of interest that is not included in computing the income or loss of the corporation from an eligible business, within the meaning of section 771.1.1 of the Taxation Act, or that would not be included in computing such income or loss of the partnership if the partnership were a corporation, and any interest expense directly attributable to that amount;
(3)  any amount included in respect of a dividend in computing the income of the corporation or partnership; and
(4)  any other amount included in computing the income of the corporation or partnership in respect of which the corporation or a member of the partnership is entitled to a deduction, other than the deduction provided for in section 52, in computing its taxable income.
1999, c. 86, s. 49; 2004, c. 21, s. 9; 2005, c. 38, s. 9; 2006, c. 36, s. 9.
49. In this chapter, unless the context indicates otherwise,
gross revenue of a corporation for a taxation year or of a partnership for a fiscal period means the gross revenue, within the meaning of section 1 of the Taxation Act (chapter I‐3), of the corporation for the year or of the partnership for the fiscal period, determined without reference to
(1)  any amount of interest that is not included in computing the income or loss of the corporation from an eligible business carried on by it, within the meaning of section 771.1.1 of that Act, or that would not be included in computing such an income or loss of the partnership if the partnership were a corporation; and
(2)  any dividend;
income from a source means the income from that source, computed under Part I of the Taxation Act;
loss from a source means the loss from that source, computed under Part I of the Taxation Act;
specified income of a corporation for a taxation year or of a partnership for a fiscal period from the operations of an international financial centre operated by the corporation or partnership means the amount, greater than zero, determined by the formula

(C − A − B) × [(D / E) + (F / G)] / 2;
specified loss of a corporation for a taxation year or of a partnership for a fiscal period from the operations of an international financial centre operated by the corporation or partnership means the amount, greater than zero, determined by the formula

(A + B − C) × [(D / E) + (F / G)] / 2;
taxable income has the meaning assigned by Part I of the Taxation Act;
trust has the meaning assigned by section 646 of the Taxation Act;
wages means base wages, within the meaning of section 1159.1 of the Taxation Act, except wages paid by a corporation or partnership to a person who is, within the meaning of an agreement on social security that provides for the reciprocal coverage of health insurance plans, entered into between the Gouvernement du Québec and the government of a foreign country, a worker on secondment, for the period in which the person is such a seconded worker, if under the agreement the person is subject only to the legislation of the foreign country to which the reciprocal coverage applies.
In the formula in the definition of “specified income” and in the formula in the definition of “specified loss”, in the first paragraph,
(1)  A is the aggregate of the amounts that would be determined in respect of the corporation for the year or of the partnership for the fiscal period under subparagraphs i and ii of paragraph c of section 28 of the Taxation Act if that subparagraph i were read without reference to “and, if there is any remainder” and if no reference were made to the amounts provided for in the third paragraph;
(2)  B is the aggregate of all amounts each of which is the fair market value of a gift, referred to in section 710 of the Taxation Act or in any of the definitions of “total charitable gifts”, “total Crown gifts”, “total cultural gifts” and “total gifts of qualified property” in the first paragraph of section 752.0.10.1 of that Act, made in the year by the corporation or in the fiscal period on behalf of the partnership;
(3)  C is the amount that would be determined in respect of the corporation for the year or of the partnership for the fiscal period under paragraph a of section 28 of the Taxation Act if no reference were made to the amounts provided for in the third paragraph;
(4)  D is the portion of the gross revenue of the corporation for the year or of the partnership for the fiscal period from the operations of an international financial centre operated by the corporation or partnership;
(5)  E is the gross revenue of the corporation for the year or of the partnership for the fiscal period;
(6)  F is the aggregate of all amounts each of which is wages paid by the corporation in the year or by the partnership in the fiscal period that, in a proportion of 100% or 75%, as the case may be, and in accordance with section 64, do not constitute wages subject to the contribution provided for in section 34 of the Act respecting the Régie de l’assurance maladie du Québec (chapter R-5);
(7)  G is the aggregate of the wages paid by the corporation in the year or by the partnership in the fiscal period; and
(8)  if E or G is an amount equal to zero, the fraction of which it is the denominator is deemed to be equal to zero.
The amounts to which subparagraphs 1 and 3 of the second paragraph refer are
(1)  any share of the corporation or partnership in the partnership’s income or loss;
(2)  any amount of interest that is not included in computing the income or loss of the corporation from an eligible business, within the meaning of section 771.1.1 of the Taxation Act, or that would not be included in computing such income or loss of the partnership if the partnership were a corporation, and any interest expense directly attributable to that amount;
(3)  any amount included in respect of a dividend in computing the income of the corporation or partnership; and
(4)  any other amount included in computing the income of the corporation or partnership in respect of which the corporation or a member of the partnership is entitled to a deduction, other than the deduction provided for in section 52, in computing its taxable income.
1999, c. 86, s. 49; 2004, c. 21, s. 9; 2005, c. 38, s. 9.
49. In this chapter,
income from a source means the income from that source, computed under Part I of the Taxation Act (chapter I‐3) ;
loss from a source means the loss from that source, computed under Part I of the Taxation Act ;
taxable income has the meaning assigned by Part I of the Taxation Act;
trust has the meaning assigned by section 646 of the Taxation Act.
1999, c. 86, s. 49; 2004, c. 21, s. 9.
49. In this chapter,
income from a source means the income from that source, computed under Part I of the Taxation Act (chapter I‐3) ;
loss from a source means the loss from that source, computed under Part I of the Taxation Act ;
taxable income has the meaning assigned by Part I of the Taxation Act.
1999, c. 86, s. 49.