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I-3 - Taxation Act

Section 803.2
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803.2. Despite any other provision of this Part, if an election referred to in the first paragraph of section 803.1 has been made by a credit union in relation to a taxation year, the following rules apply:
(a)  the credit union shall deduct from the amount that would, but for this section, be deductible in computing its taxable income for the year under sections 738 to 745, any amount determined in respect of the year, for members to which the election applies, under the first paragraph of section 803.1 in relation to the amounts referred to in subparagraph a of that paragraph;
(b)  the credit union shall include in computing its income for the year any amount determined in respect of the year, for members to which the election applies, under the first paragraph of section 803.1 in relation to the amounts referred to in subparagraphs b and c of that paragraph; and
(c)  each member to which the election applies and in respect of which an amount is determined under the first paragraph of section 803.1 may deduct that amount in computing its taxable income for its taxation year that includes the last day of the credit union’s taxation year in respect of which the amount was so determined.
1982, c. 5, s. 149; 1993, c. 16, s. 297; 1994, c. 22, s. 278; 2009, c. 5, s. 344.
803.2. Notwithstanding any other provision of this Act, where the election referred to in section 803.1 has been made by a credit union for a taxation year, the following rules apply:
(a)  the credit union must deduct from the amount that would, but for this section, be deductible in computing its taxable income for the year under sections 738 to 745, the amount of the dividends it has elected to allocate in respect of the year;
(b)  the credit union must include in computing its income for the year the amounts referred to in paragraphs b and c of section 803.1 that it has elected to allocate in respect of the year; and
(c)  each member to which the credit union allocated an amount under section 803.1 may deduct that amount in computing its taxable income for its taxation year that includes the last day of the credit union’s taxation year in respect of which the amount was so allocated.
1982, c. 5, s. 149; 1993, c. 16, s. 297; 1994, c. 22, s. 278.
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