I-3 - Taxation Act

Section 1129.60 Disposition versions

2009-05-15

1129.60. Every corporation that purported to renounce an amount in a calendar year under section 359.2 or 359.2.1, because of the application of section 359.8, shall pay a tax, for each month of the year, except the month of January, unless section 1129.60.1 is applicable to the corporation in respect of the amount so renounced, equal to the amount determined in its respect by the formula

[(A - B)/2] × (C/12 + D/10).

In the formula provided for in the first paragraph,

(a)  A is the aggregate of all amounts each of which is an amount that the corporation purported to renounce in the calendar year under section 359.2 or 359.2.1 because of the application of section 359.8 in respect of expenses incurred or to be incurred in connection with production or potential production in Québec;

(b)  B is the aggregate of all expenses described in paragraph a of section 359.8 that are incurred by the end of the month by the corporation and in respect of the renunciation in respect of which an amount is included in the aggregate referred to in subparagraph a;

(c)  C is the rate of interest prescribed for the purposes of subsection 3 of section 164 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) for the month; and

(d)  D is one where the month is December, and zero in any other case.

1998, c. 16, s. 246; 2009, c. 5, s. 531.

2006-03-01

1129.60. Every corporation that purported to renounce an amount in a calendar year under section 359.2 or 359.2.1 because of the application of section 359.8 shall pay a tax in respect of each month, other than January, in the year equal to the amount determined in its respect by the formula

[(A − B) / 2] × (C / 12 + D / 5).

In the formula provided for in the first paragraph,

(a)  A is the aggregate of all amounts each of which is an amount that the corporation purported to renounce in the calendar year under section 359.2 or 359.2.1 because of the application of section 359.8 in respect of expenses incurred or to be incurred in connection with production or potential production in Québec;

(b)  B is the aggregate of all expenses described in paragraph a of section 359.8 that are incurred by the end of the month by the corporation and in respect of the renunciation in respect of which an amount is included in the aggregate referred to in subparagraph a of this paragraph;

(c)  C is the rate of interest prescribed for the purposes of subsection 3 of section 164 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) for the month; and

(d)  D is one where the month is December, and zero in any other case.

1998, c. 16, s. 246.