C-8.3 - Act respecting international financial centres

Section 52 Disposition versions

2022-06-08

52. (Repealed).

1999, c. 86, s. 52; 2002, c. 40, s. 5; 2004, c. 21, s. 10; 2005, c. 38, s. 11; 2022, c. 23, s. 12.

2005-12-13

52. A person who, in a taxation year, is a corporation operating 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 may deduct, in computing the person’s taxable income for the year, an amount not greater than the amount by which the aggregate of all amounts each of which is 75% of the person’s specified income for that year from the operations of an international financial centre operated by the person or of the person’s share of the partnership’s specified income for that fiscal period from the operations of an international financial centre operated by the partnership, exceeds the aggregate of all amounts each of which is 75% of the person’s specified loss for that year from the operations of an international financial centre operated by the person or of the person’s share of the partnership’s specified loss for that fiscal period from the operations of an international financial centre operated by the partnership.

Where the corporation referred to in the first paragraph is a bank, within the meaning assigned by section 1 of the Taxation Act (chapter I-3), the amount that it may deduct for the year under the first paragraph is deemed to be equal to the proportion of the amount that, but for this paragraph, would be determined for the year in its respect under the first paragraph, that the aggregate of the business carried on in Canada or in Québec and elsewhere by the corporation in the year is of its business carried on in Québec in the year.

For the purposes of the second paragraph, the proportion of the business carried on in Canada, in Québec and in Québec and elsewhere by a corporation is computed in the manner prescribed in the regulations made under subsection 2 of section 771 of the Taxation Act, with the necessary modifications.

1999, c. 86, s. 52; 2002, c. 40, s. 5; 2004, c. 21, s. 10; 2005, c. 38, s. 11.

2004-11-03

52. A person who, in a taxation year, is a corporation operating 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 may deduct, in computing the person’s taxable income for the year, an amount not exceeding the part of the person’s income for the year that may reasonably be considered to be the amount by which

(1)  the aggregate of all amounts each of which is 75 % of the person’s income for that year from the operations of an international financial centre operated by the person or the person’s share of the partnership’s income for that fiscal period from the operations of an international financial centre operated by the partnership, exceeds

(2)  the aggregate of all amounts each of which is 75 % of the person’s loss for that year from the operations of an international financial centre operated by the person or the person’s share of the partnership’s loss for that fiscal period from the operations of an international financial centre operated by the partnership.

Where the corporation referred to in the first paragraph is a bank, within the meaning assigned by section 1 of the Taxation Act (chapter I-3), the amount that it may deduct for the year under the first paragraph is deemed to be equal to the proportion of the amount that, but for this paragraph, would be determined for the year in its respect under the first paragraph, that the aggregate of the business carried on in Canada or in Québec and elsewhere by the corporation in the year is of its business carried on in Québec in the year.

For the purposes of the second paragraph, the proportion of the business carried on in Canada, in Québec and in Québec and elsewhere by a corporation is computed in the manner prescribed in the regulations made under subsection 2 of section 771 of the Taxation Act, with the necessary modifications.

1999, c. 86, s. 52; 2002, c. 40, s. 5; 2004, c. 21, s. 10.

2002-10-17

52. A person who, in a taxation year, is a corporation operating 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 may deduct, in computing the person’s taxable income for the year, an amount not exceeding the part of the person’s income for the year that may reasonably be considered to be the amount by which

(1)  the aggregate of all amounts each of which is the person’s income for that year from the operations of an international financial centre operated by the person or the person’s share of the partnership’s income for that fiscal period from the operations of an international financial centre operated by the partnership, exceeds

(2)  the aggregate of all amounts each of which is the person’s loss for that year from the operations of an international financial centre operated by the person or the person’s share of the partnership’s loss for that fiscal period from the operations of an international financial centre operated by the partnership.

Where the corporation referred to in the first paragraph is a bank, within the meaning assigned by section 1 of the Taxation Act (chapter I-3), the amount that it may deduct for the year under the first paragraph is deemed to be equal to the proportion of the amount that, but for this paragraph, would be determined for the year in its respect under the first paragraph, that the aggregate of the business carried on in Canada or in Québec and elsewhere by the corporation in the year is of its business carried on in Québec in the year.

For the purposes of the second paragraph, the proportion of the business carried on in Canada, in Québec and in Québec and elsewhere by a corporation is computed in the manner prescribed in the regulations made under subsection 2 of section 771 of the Taxation Act, with the necessary modifications.

1999, c. 86, s. 52; 2002, c. 40, s. 5.

1999-12-20

52. A person who, in a taxation year, is a corporation operating 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 may deduct, in computing the person’s taxable income for the year, an amount not exceeding the part of the person’s income for the year that may reasonably be considered to be the amount by which

(1)  the aggregate of all amounts each of which is the person’s income for that year from the operations of an international financial centre operated by the person or the person’s share of the partnership’s income for that fiscal period from the operations of an international financial centre operated by the partnership, exceeds

(2)  the aggregate of all amounts each of which is the person’s loss for that year from the operations of an international financial centre operated by the person or the person’s share of the partnership’s loss for that fiscal period from the operations of an international financial centre operated by the partnership.

1999, c. 86, s. 52.