C-8.3 - Act respecting international financial centres

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57. A corporation, other than an authorized foreign bank, within the meaning of section 1 of the Taxation Act (chapter I-3), that, in a taxation year, operates an international financial centre or is a member of a partnership that, in a fiscal period of the partnership that ends in that year, operates such a centre may deduct from its paid-up capital for the year, for the purposes of Part IV of that Act, computed before the application of this section and section 60.1 and of sections 1138.2.5, 1141.9 and 1141.11 of that Act, 75% of the amount determined by the formula

A × [(B / C) + (D / E)] / 2.

In the formula in the first paragraph,
(1)  A is the paid-up capital of the corporation for the year, for the purposes of Part IV of the Taxation Act, computed after the application of section 1138 of that Act or before the application of sections 1141.3 to 1141.11 of that Act;
(2)  B is the aggregate of all amounts each of which is the portion of the gross revenue of the corporation for the year from the operations of an international financial centre operated by the corporation or the corporation’s share of the portion of the gross revenue of a partnership for a fiscal period of the partnership that ends in the year from the operations of an international financial centre operated by the partnership;
(3)  C is the aggregate of all amounts each of which is the gross revenue of the corporation for the year or the corporation’s share of the gross revenue of a partnership for a fiscal period of the partnership that ends in the year;
(4)  D is the aggregate of all amounts each of which is wages paid by the corporation in the year 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), or the corporation’s share of wages paid by a partnership in a fiscal period of the partnership that ends in the year 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 that section 34;
(5)  E is the aggregate of all amounts each of which is wages paid by the corporation in the year or the corporation’s share of wages paid by a partnership in a fiscal period of the partnership that ends in the year; and
(6)  if C or E is an amount equal to zero, the fraction of which it is the denominator is deemed to be equal to zero.
1999, c. 86, s. 57; 2004, c. 8, s. 1; 2004, c. 21, s. 15; 2005, c. 38, s. 17.
57. A corporation, other than an authorized foreign bank, within the meaning assigned by section 1 of the Taxation Act (chapter I‐3), that, in a taxation year, operates an international financial centre or is 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 its paid-up capital for the year, for the purposes of Part IV of that Act, 75 % of any amount attributable to the operations of the international financial centre that the corporation has included in such computation, other than the amount referred to in section 59, and that is not otherwise deducted in such computation.
1999, c. 86, s. 57; 2004, c. 8, s. 1; 2004, c. 21, s. 15.
57. A corporation, other than an authorized foreign bank, within the meaning assigned by section 1 of the Taxation Act (chapter I‐3), that, in a taxation year, operates an international financial centre or is 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 its paid-up capital for the year, for the purposes of Part IV of that Act, any amount attributable to the operations of the international financial centre that the corporation has included in such computation, other than the amount referred to in section 59, and that is not otherwise deducted in such computation.
1999, c. 86, s. 57; 2004, c. 8, s. 1.
57. A corporation that, in a taxation year, operates an international financial centre or is 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 its paid-up capital for the year, for the purposes of Part IV of the Taxation Act (chapter I‐3), any amount attributable to the operations of the international financial centre that the corporation has included in such computation, other than the amount referred to in section 59, and that is not otherwise deducted in such computation.
1999, c. 86, s. 57.