I-3 - Taxation Act

Section 1175.2 Disposition versions

2006-03-01

1175.2. For the purpose of determining any amount under this Part in respect of a corporation’s capital, taxable capital, taxable capital employed in Québec or taxable capital employed in Canada,

(a)  the equity and consolidation methods of accounting shall not be used; and

(b)  subject to paragraph a and except as otherwise provided in this Part, the amounts that shall be used are the amounts shown on the balance sheet

i.  presented to the shareholders of the corporation, in the case of a corporation other than a life insurer to which subparagraph ii applies or, where such a balance sheet was not prepared in accordance with generally accepted accounting principles or no such balance sheet was prepared, the amounts that would be shown if such a balance sheet had been prepared in accordance with generally accepted accounting principles, or

ii.  accepted by the Superintendent of Financial Institutions, in the case of a life insurer that is required to report to the Superintendent of Financial Institutions.

1997, c. 14, s. 286.