I-3 - Taxation Act

Section 1029.8.36.166.42 Disposition versions

2022-06-08

1029.8.36.166.42. The amount to which the definition of “maximum tax credit amount” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the total amount that the corporation would be deemed to have paid to the Minister for the taxation year under sections 1029.8.36.166.43 and 1029.8.36.166.44 if no reference were made to the third paragraph of those sections and if the corporation considered, in its eligible expenses or its share of the eligible expenses of a partnership, only the portion of such expenses that are referred to in subparagraph i of subparagraph a of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44, exceeds the amount by which the amount by which the corporation’s total taxes for the year exceeds the amount the corporation is deemed to have paid to the Minister for the year under section 1029.8.36.166.46, exceeds the aggregate of the amounts determined in its respect for the year under subparagraph b of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44.

The amount to which the definition of “limit relating to an unused portion” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the corporation’s total taxes for the year are exceeded by the aggregate of all amounts each of which is an excess amount referred to in subparagraph a of the first paragraph of section 1029.8.36.166.46 that would be determined in respect of an original year, within the meaning of that subparagraph, in relation to the taxation year, if the definition of “unused portion of the tax credit” in the first paragraph of section 1029.8.36.166.40 were read as follows:

““unused portion of the tax credit” of a corporation for a taxation year, if the paid-up capital that is attributed to the corporation for the year, determined in accordance with section 1029.8.36.59.49.1, is less than $500,000,000, means the amount by which the maximum tax credit amount of the corporation for the year is exceeded by the total amount that the corporation would be deemed to have paid to the Minister for that year under sections 1029.8.36.166.43 and 1029.8.36.166.44 if no reference were made to the third paragraph of those sections and if the corporation considered, in its eligible expenses or its share of the eligible expenses of a partnership, only the portion of such expenses that does not exceed, as the case may be,

(a)  the balance of the corporation’s cumulative eligible expense limit for the year;

(b)  the corporation’s share of the balance of a qualified partnership’s cumulative eligible expense limit for a particular fiscal period of the partnership that ends in the taxation year of the corporation;

(c)  the portion of the eligible expenses of the corporation incurred in the year as a party to a joint venture that exceeds the corporation’s share for the taxation year of the balance of the joint venture’s cumulative eligible expense limit; or

(d)  the portion of the eligible expenses of the partnership incurred, in a particular fiscal period of the partnership that ends in the taxation year, as a party to a joint venture, that exceeds the partnership’s share for the particular fiscal period of the balance of the joint venture’s cumulative eligible expense limit.”

The formula to which the first and second paragraphs refer is the following:

1 - [(A - $250,000,000)/$250,000,000].

In the formula in the third paragraph, A is the greater of

(a)  $250,000,000; and

(b)  the lesser of $500,000,000 and the paid-up capital attributed to the corporation for the year, determined in accordance with section 1029.8.36.59.49.1.

2009, c. 15, s. 303; 2010, c. 25, s. 173; 2015, c. 21, s. 461; 2022, c. 23, s. 108.

2015-10-21

1029.8.36.166.42. The amount to which the definition of “maximum tax credit amount” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the total amount that the corporation would be deemed to have paid to the Minister for the taxation year under sections 1029.8.36.166.43 and 1029.8.36.166.44 if no reference were made to the third paragraph of those sections and if the corporation considered, in its eligible expenses or its share of the eligible expenses of a partnership, only the portion of such expenses that are referred to in subparagraph i of subparagraph a of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44, exceeds the amount by which the amount by which the corporation’s total taxes for the year exceeds the amount the corporation is deemed to have paid to the Minister for the year under section 1029.8.36.166.46, exceeds the aggregate of the amounts determined in its respect for the year under subparagraph b of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44.

The amount to which the definition of “limit relating to an unused portion” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the corporation’s total taxes for the year are exceeded by the aggregate of all amounts each of which is an excess amount referred to in subparagraph a of the first paragraph of section 1029.8.36.166.46 that would be determined in respect of an original year, within the meaning of that subparagraph, in relation to the taxation year, if the definition of “unused portion of the tax credit” in the first paragraph of section 1029.8.36.166.40 were read as follows:

““unused portion of the tax credit” of a corporation for a taxation year, if the paid-up capital that is attributed to the corporation for the year, determined in accordance with section 737.18.24, is less than $500,000,000, means the amount by which the maximum tax credit amount of the corporation for the year is exceeded by the total amount that the corporation would be deemed to have paid to the Minister for that year under sections 1029.8.36.166.43 and 1029.8.36.166.44 if no reference were made to the third paragraph of those sections and if the corporation considered, in its eligible expenses or its share of the eligible expenses of a partnership, only the portion of such expenses that does not exceed, as the case may be,

(a)  the balance of the corporation’s cumulative eligible expense limit for the year;

(b)  the corporation’s share of the balance of a qualified partnership’s cumulative eligible expense limit for a particular fiscal period of the partnership that ends in the taxation year of the corporation;

(c)  the portion of the eligible expenses of the corporation incurred in the year as a party to a joint venture that exceeds the corporation’s share for the taxation year of the balance of the joint venture’s cumulative eligible expense limit; or

(d)  the portion of the eligible expenses of the partnership incurred, in a particular fiscal period of the partnership that ends in the taxation year, as a party to a joint venture, that exceeds the partnership’s share for the particular fiscal period of the balance of the joint venture’s cumulative eligible expense limit.”

The formula to which the first and second paragraphs refer is the following:

1 - [(A - $250,000,000)/$250,000,000].

In the formula in the third paragraph, A is the greater of

(a)  $250,000,000; and

(b)  the lesser of $500,000,000 and the paid-up capital attributed to the corporation for the year, determined in accordance with section  737.18.24.

2009, c. 15, s. 303; 2010, c. 25, s. 173; 2015, c. 21, s. 461.

2010-10-27

1029.8.36.166.42. The amount to which the definition of “maximum tax credit amount” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the total amount that the corporation would be deemed to have paid to the Minister for the taxation year under sections 1029.8.36.166.43 and 1029.8.36.166.44 if no reference were made to the third paragraph of those sections and if the corporation considered, in its eligible expenses or its share of the eligible expenses of a partnership, only the portion of such expenses that are referred to in subparagraph a of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44, exceeds the amount by which the amount by which the corporation’s total taxes for the year exceeds the amount the corporation is deemed to have paid to the Minister for the year under section 1029.8.36.166.46, exceeds the aggregate of the amounts determined in its respect for the year under subparagraph b of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44.

The amount to which the definition of “limit relating to an unused portion” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the corporation’s total taxes for the year are exceeded by the aggregate of all amounts each of which is an excess amount referred to in subparagraph a of the first paragraph of section 1029.8.36.166.46 that would be determined in respect of an original year, within the meaning of that subparagraph, in relation to the taxation year, if the definition of “unused portion of the tax credit” in the first paragraph of section 1029.8.36.166.40 were read as follows:

““unused portion of the tax credit” of a corporation for a taxation year, if the paid-up capital that is attributed to the corporation for the year, determined in accordance with section 737.18.24, is less than $500,000,000, means the amount by which the maximum tax credit amount of the corporation for the year is exceeded by the total amount that the corporation would be deemed to have paid to the Minister for that year under sections 1029.8.36.166.43 and 1029.8.36.166.44 if no reference were made to the third paragraph of those sections and if the corporation considered, in its eligible expenses or its share of the eligible expenses of a partnership, only the portion of such expenses that does not exceed, as the case may be,

(a)  the balance of the corporation’s cumulative eligible expense limit for the year;

(b)  the corporation’s share of the balance of a qualified partnership’s cumulative eligible expense limit for a particular fiscal period of the partnership that ends in the taxation year of the corporation;

(c)  the portion of the eligible expenses incurred by the corporation in the year as a party to a joint venture that exceeds the corporation’s share for the taxation year of the balance of the joint venture’s cumulative eligible expense limit; or

(d)  the portion of the eligible expenses incurred by the partnership, in a particular fiscal period of the partnership that ends in the taxation year, as a party to a joint venture, that exceeds the partnership’s share for the particular fiscal period of the balance of the joint venture’s cumulative eligible expense limit.”

The formula to which the first and second paragraphs refer is the following:

1 - [(A - $250,000,000)/$250,000,000].

In the formula in the third paragraph, A is the greater of

(a)  $250,000,000; and

(b)  the lesser of $500,000,000 and the paid-up capital attributed to the corporation for the year, determined in accordance with section  737.18.24.

2009, c. 15, s. 303; 2010, c. 25, s. 173.

2009-06-04

1029.8.36.166.42. The amount to which the definition of “maximum tax credit amount” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the total amount that the corporation would be deemed to have paid to the Minister for the taxation year under the first paragraph of sections 1029.8.36.166.43 and 1029.8.36.166.44 if no reference were made to the second paragraph of those sections, exceeds the amount by which the corporation’s total taxes for the year exceed the amount the corporation is deemed to have paid to the Minister for the year under section 1029.8.36.166.46.

The amount to which the definition of “limit relating to an unused portion” in the first paragraph of section 1029.8.36.166.40 refers, in relation to a corporation for a taxation year, is equal to the product obtained by multiplying, by the proportion determined by the formula in the third paragraph, the amount by which the corporation’s total taxes for the year are exceeded by the aggregate of all amounts each of which is an excess amount determined under subparagraph a of the first paragraph of section 1029.8.36.166.46 in respect of an original year, within the meaning of that subparagraph, in relation to the taxation year.

The formula to which the first and second paragraphs refer is the following:

1 - [(A - $250,000,000)/$250,000,000].

In the formula in the third paragraph, A is the greater of

(a)  $250,000,000; and

(b)  the lesser of $500,000,000 and the paid-up capital attributed to the corporation for the year, determined in accordance with section  737.18.24.

2009, c. 15, s. 303.