C-8.3 - Act respecting international financial centres

Section 60.1 Disposition versions

2022-06-08

60.1. (Repealed).

2002, c. 40, s. 9; 2005, c. 38, s. 21; 2022, c. 23, s. 13.

2005-12-13

60.1. If a corporation is a bank, within the meaning of section 1 of the Taxation Act (chapter I-3), and operates in a taxation year an international financial centre, the corporation may deduct from its paid-up capital for the year, for the purposes of Part IV of that Act, computed before the application of this section and section 57 and of section 1141.9 of that Act, the amount by which the product obtained by multiplying the amount it deducted from the paid-up capital for the year under section 57 by the proportion that the aggregate of the business carried on in Canada or in Québec and elsewhere by the corporation in the year is of its business carried on in Québec in the year, exceeds the amount it deducted from the paid-up capital for the year under section 57.

For the purposes of the first paragraph, the proportion of the business carried on in Canada, in Québec and in Québec and elsewhere by a corporation is computed in the manner prescribed in the regulations made under subsection 2 of section 771 of the Taxation Act, with the necessary modifications.

2002, c. 40, s. 9; 2005, c. 38, s. 21.

2002-10-17

60.1. Where a corporation is a bank, within the meaning assigned by section 1 of the Taxation Act (chapter I-3), and operates for a taxation year an international financial centre, the corporation may deduct in computing its paid-up capital for the year, for the purposes of Part IV of that Act, the amount by which the proportion of the amount determined for the year in its respect under the second paragraph that the aggregate of the business carried on in Canada or in Québec and elsewhere by the corporation in the year is of its business carried on in Québec in the year, exceeds the amount determined for the year in its respect under that second paragraph.

The amount to which the first paragraph refers is equal to the amount by which the aggregate of the amount deducted by the corporation in computing its paid-up capital for the year under section 57 and the amount determined for the year in its respect under section 58, exceeds the aggregate of the amount determined for the year in respect of the corporation under section 59 and the part of the amount that the corporation may not deduct in computing its paid-up capital for the year under section 60.

For the purposes of the first paragraph, the proportion of the business carried on in Canada, in Québec and in Québec and elsewhere by a corporation is computed in the manner prescribed in the regulations made under subsection 2 of section 771 of the Taxation Act, with the necessary modifications.

2002, c. 40, s. 9.