I-3 - Taxation Act

Section 5.1 Disposition versions

2009-06-04

5.1. (Repealed).

1990, c. 59, s. 5; 1997, c. 3, s. 15; 2009, c. 15, s. 27.

2006-03-01

5.1. For the purposes of this Act and notwithstanding the definition of “taxation year” set forth in section 1, and section 5,

(a)  the taxation year of a corporation that commenced before 1 January 1988 and that would, but for this paragraph, have ended after 31 December 1987 is deemed to have ended on 31 December 1987 and a new taxation year is deemed to have commenced on 1 January 1988 if the following conditions are met:

i.  the corporation is a Canadian-controlled private corporation throughout the period extending from the beginning of its last taxation year commencing before 1 January 1988 to 31 December 1987;

ii.  that corporation so elects in the fiscal return it is required to file under this Part for its taxation year that commenced before 1 January 1988 and would, but for this paragraph, have ended after 31 December 1987;

(b)  the taxation year of a corporation that commenced before 1 July 1988 and that would, but for this paragraph, have ended after 30 June 1988 is deemed to have ended on 30 June 1988 and a new taxation year is deemed to have commenced on 1 July 1988 if the following conditions are met:

i.  the corporation is a private corporation other than a Canadian-controlled private corporation throughout the period extending from the beginning of its last taxation year commencing before 1 July 1988 to 30 June 1988;

ii.  that corporation so elects in the fiscal return it is required to file under this Part for its taxation year that commenced before 1 July 1988 and would, but for this paragraph, have ended after 30 June 1988.

1990, c. 59, s. 5; 1997, c. 3, s. 15.