I-3 - Taxation Act

Section 1029.8.21.37 Disposition versions

2009-06-04

1029.8.21.37. (Repealed).

2001, c. 51, s. 103; 2002, c. 40, s. 122; 2009, c. 15, s. 224.

2006-03-01

1029.8.21.37. A corporation is not a qualified corporation for a taxation year if its assets applicable to the year are equal to or greater than $12,000,000 and, where the taxation year of the corporation is not its first fiscal period, if the corporation’s gross revenue applicable to the year is equal to or greater than $25,000,000.

The assets of a corporation applicable to a taxation year are the assets shown in its financial statements submitted to the shareholders for its preceding taxation year or, where the corporation is in its first fiscal period, at the beginning of that fiscal period.

The gross revenue of a corporation applicable to a taxation year corresponds to its gross revenue for its preceding taxation year.

For the purpose of determining the assets of a corporation in accordance with the second paragraph, the following rules apply:

(a)  if the corporation’s financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, its assets are the assets that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles; and

(b)  if the corporation is a cooperative, the second paragraph shall be read as if the reference therein to “submitted to the shareholders” were a reference to “submitted to the members”.

2001, c. 51, s. 103; 2002, c. 40, s. 122.