C-8.3 - Act respecting international financial centres

Full text
56. For the purposes of Title VII of Book IV of Part I of the Taxation Act (chapter I-3), if, in a taxation year, a person 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, the following rules apply:
(1)  the person’s non-capital loss for the year shall be determined as if the person had, for the year,
(a)  realized an additional income from a business equal to the second aggregate that is mentioned in the first paragraph of section 52 and determined in respect of the person for the year under that paragraph, and
(b)  sustained an additional loss from a business equal to the first aggregate that is mentioned in the first paragraph of section 52 and determined in respect of the person for the year under that paragraph; and
(2)  the person’s limited partnership loss in respect of the partnership for the year shall be determined as if the aggregate referred to in the first paragraph of section 613.1 of the Taxation Act were reduced by the amount, relating to the international financial centre operated by the partnership, included in the second aggregate that is mentioned in the first paragraph of section 52 and determined in respect of the person for the year under the latter paragraph.
1999, c. 86, s. 56; 2004, c. 21, s. 13; 2005, c. 38, s. 14.
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.
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 the person’s income or loss for the year from the operations of any international financial centre operated by the person and 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.