I-3 - Taxation Act

Section 733.0.6 Disposition versions

2022-06-08

733.0.6. (Repealed).

2002, c. 40, s. 57; 2004, c. 21, s. 132; 2009, c. 5, s. 248; 2010, c. 25, s. 67; 2022, c. 23, s. 46.

2010-10-27

733.0.6. For the purpose of determining the amount of the non-capital loss, farm loss, net capital loss or limited partnership loss for a taxation year of a corporation that is, for that year, a qualified corporation within the meaning of the first paragraph of section 737.18.18, the following rules apply:

(a)  the product obtained by multiplying the amount that is the income or portion of the income, as the case may be, of the corporation for the year, determined under subparagraph a of the second paragraph of section 737.18.26, by the proportion determined in the second paragraph is deemed to be nil; and

(b)  the product obtained by multiplying the amount that is the loss or the portion of the loss, as the case may be, of the corporation for the year, determined under subparagraph b of the second paragraph of section 737.18.26, up to the amount that would, but for subparagraph a, be the income or portion of the income, as the case may be, of the corporation for the year, determined under subparagraph a of the second paragraph of section 737.18.26, by the proportion determined in the second paragraph is deemed to be nil.

The proportion to which the first paragraph refers is determined by the formula

75% × {1 - [(A - $20,000,000)/$10,000,000]} × (1 - B) × C/D.

In the formula in the second paragraph,

(a)  A is the greater of $20,000,000 and the paid-up capital attributed to the corporation for the year, determined in accordance with section 737.18.24; and

(b)  B is the corporation’s reduction factor for the year, within the meaning assigned by the first paragraph of section 737.18.18;

(c)  C is,

i.  where the amount that would be deductible in computing the corporation’s taxable income for the year under section 737.18.26 if no reference were made to section 737.18.26.1 exceeds the particular amount that is deductible in computing the corporation’s taxable income for the year under section 737.18.26, the particular amount, and

ii.  in any other case, 1; and

(d)  D is,

i.  where the particular amount that would be deductible in computing the corporation’s taxable income for the year under section 737.18.26 if no reference were made to section 737.18.26.1 exceeds the amount that is deductible in computing the corporation’s taxable income for the year under section 737.18.26, the particular amount, and

ii.  in any other case, 1.

2002, c. 40, s. 57; 2004, c. 21, s. 132; 2009, c. 5, s. 248; 2010, c. 25, s. 67.

2009-05-15

733.0.6. For the purpose of determining the amount of the non-capital loss, farm loss, net capital loss or limited partnership loss for a taxation year of a corporation that is, for that year, a qualified corporation within the meaning of the first paragraph of section 737.18.18, the following rules apply:

(a)  the product obtained by multiplying the amount that is the income or portion of the income, as the case may be, of the corporation for the year, determined under subparagraph a of the second paragraph of section 737.18.26, by the proportion determined in the second paragraph is deemed to be nil; and

(b)  the product obtained by multiplying the amount that is the loss or the portion of the loss, as the case may be, of the corporation for the year, determined under subparagraph b of the second paragraph of section 737.18.26, up to the amount that would, but for subparagraph a, be the income or portion of the income, as the case may be, of the corporation for the year, determined under subparagraph a of the second paragraph of section 737.18.26, by the proportion determined in the second paragraph is deemed to be nil.

The proportion to which the first paragraph refers is determined by the formula

75% × {1 - [(A - $20,000,000)/$10,000,000]} × (1 - B).

In the formula in the second paragraph,

(a)  A is the greater of $20,000,000 and the paid-up capital attributed to the corporation for the year, determined in accordance with section 737.18.24; and

(b)  B is the corporation’s reduction factor for the year, within the meaning assigned by the first paragraph of section 737.18.18.

2002, c. 40, s. 57; 2004, c. 21, s. 132; 2009, c. 5, s. 248.

2006-03-01

733.0.6. For the purpose of determining the amount of the non-capital loss, farm loss, net capital loss or limited partnership loss for a taxation year of a corporation that is, for that year, a qualified corporation within the meaning of the first paragraph of section 737.18.18, the following rules apply:

(a)  the product obtained by multiplying the amount that is the income or portion of the income, as the case may be, of the corporation for the year, determined under subparagraph a of the second paragraph of section 737.18.26, by the proportion determined in the second paragraph is deemed to be nil; and

(b)  the product obtained by multiplying the amount that is the loss or the portion of the loss, as the case may be, of the corporation for the year, determined under subparagraph b of the second paragraph of section 737.18.26, up to the amount that would, but for subparagraph a, be the income or portion of the income, as the case may be, of the corporation for the year, determined under subparagraph a of the second paragraph of section 737.18.26, by the proportion determined in the second paragraph is deemed to be nil.

The proportion to which the first paragraph refers is determined by the formula

75% × {1 − [(A − $20,000,000) / $10,000,000]}.

In the formula provided for in the second paragraph, A is the greater of $20,000,000 and the paid-up capital attributed to the corporation for the year, determined in accordance with section 737.18.24.

2002, c. 40, s. 57; 2004, c. 21, s. 132.