I-3 - Taxation Act

Section 772.5.6 Disposition versions

2019-06-19

772.5.6. For the purposes of this chapter, a taxpayer who is resident in Canada throughout a taxation year and carries on a foreign oil and gas business in a taxing country in the year is deemed to have paid in the year as an income or profits tax to the government of the taxing country an amount equal to the lesser of

(a)  the amount by which the total of all amounts each of which is, but for this section, income or profits tax paid in the year in respect of the business to the government of the taxing country is exceeded by the amount obtained by multiplying the taxpayer’s income from the business carried on in the taxing country for the year by the total of 

i.  that proportion of 26.5% that the number of days in the taxation year that are included in the calendar year 2011 is of the number of days in the taxation year, and

ii.  that proportion of 25% that the number of days in the taxation year that are after 31 December 2011 is of the number of days in the taxation year; and

(b)  the taxpayer’s production tax amount for the business carried on in the taxing country for the year.

2003, c. 2, s. 233; 2017, c. 1, s. 220; 2019, c. 14, s. 253.

2017-02-08

772.5.6. For the purposes of this chapter, a taxpayer who is resident in Canada throughout a taxation year and carries on a foreign oil and gas business in a taxing country in the year is deemed to have paid in the year as an income or profits tax to the government of the taxing country an amount equal to the lesser of

(a)  the amount by which the total of all amounts each of which is, but for this section, income or profits tax paid in the year in respect of the business to the government of the taxing country is exceeded by the amount obtained by multiplying the taxpayer’s income from the business in the taxing country for the year by the total of

i.  that proportion of 26.5% that the number of days in the taxation year that are included in the calendar year 2011 is of the number of days in the taxation year, and

ii.  that proportion of 25% that the number of days in the taxation year that are after 31 December 2011 is of the number of days in the taxation year; and

(b)  the taxpayer’s production tax amount for the business in the taxing country for the year.

2003, c. 2, s. 233; 2017, c. 1, s. 220.

2006-03-01

772.5.6. For the purposes of this chapter, a taxpayer who is resident in Canada throughout a taxation year and carries on a foreign oil and gas business in a taxing country in the year is deemed to have paid in the year as an income or profits tax to the government of the taxing country an amount equal to the lesser of

(a)  the amount by which 40% of the taxpayer’s income from the business in the taxing country for the year exceeds the total of all amounts that are, but for this section, income or profits taxes paid in the year in respect of the business to the government of the taxing country; and

(b)  the taxpayer’s production tax amount for the business in the taxing country for the year.

2003, c. 2, s. 233.