I-3 - Taxation Act

Section 1029.8.36.52 Disposition versions

2006-03-01

1029.8.36.52. In this division, “Part III.12 tax credit” of a taxpayer for a particular taxation year means the aggregate of

(a)  all amounts each of which is an amount determined by the formula

A × B / C; and

(b)  in respect of each partnership of which the taxpayer is a member, all amounts each of which is the amount that can reasonably be considered to be the taxpayer’s share of the amount that would, if the partnership were a person and its fiscal period were its taxation year, be the Part III.12 tax credit of the partnership for its taxation year that ends in the particular year.

For the purposes of the formula in the first paragraph,

(a)  A is the tax payable under Part III.12 by an environmental trust for a taxation year of the trust, in this paragraph referred to as the “trust’s year”, that ends in the particular year;

(b)  B is the amount by which the aggregate of all amounts in respect of the trust that are included, otherwise than because of the taxpayer being a member of a partnership, because of section 692.1 in computing the taxpayer’s income for the particular year exceeds the aggregate of all amounts in respect of the trust that are deducted, otherwise than because of the taxpayer being a member of a partnership, because of that section 692.1 in computing such income; and

(c)  C is the trust’s income for the trust’s year, computed in the manner prescribed in the second paragraph of section 1129.52.

1996, c. 39, s. 250; 1997, c. 3, s. 71; 2000, c. 5, s. 264.