Hyperlawhypertext legal database Income Tax Act

← Historical versions

Versions of s. 125(5.1)

I-3.3 — Income Tax Act · 4 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

  1. 2019-01-01 to present available View Source
    Notwithstanding subsections (2), (3), (4) and (5), a Canadian-controlled private corporation’s business limit for a particular taxation year ending in a calendar year is the amount, if any, by which its business limit otherwise determined for the particular taxation year exceeds the amount determined by the formula A × (B/$11,250) where A is the amount that would, but for this subsection, be the corporation’s business limit for the particular year; and B is the amount determined by the formula 0.225% × (D – $10 million) where D is if, in both the particular taxation year and the preceding taxation year, the corporation is not associated with any corporation, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be)greater of the corporation for the preceding taxation year, if, in the particular taxation year, the corporation is not associated with any corporation but was associated with one or more corporations in the preceding taxation year, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the particular taxation year, or if, in the particular taxation year, the corporation is associated with one or more particular corporations, the total of all amounts each of which is the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation or of any of the particular corporations for its last taxation year that ended in the preceding calendar year.
    Full text

    Notwithstanding subsections (2), (3), (4) and (5), a Canadian-controlled private corporation’s business limit for a particular taxation year ending in a calendar year is the amount, if any, by which its business limit otherwise determined for the particular taxation year exceeds the greater of

  2. 2016-12-15 to 2019-01-01 View Source
    Notwithstanding subsections 125(2)(2), to(3), 125(5),(4) and (5), a Canadian-controlled private corporation’s business limit for a particular taxation year ending in a calendar year is the amount, if any, by which its business limit otherwise determined for the particular year exceeds the amount determined by the formula A × (B/$11,250) where A is the amount that would, but for this subsection, be the corporation’s business limit for the particular year; and B is the amount determined by the formula 0.225% × (D – $10 million) where D is if, in both the particular taxation year and the preceding taxation year, the corporation is not associated with any corporation, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the preceding taxation year, if, in the particular taxation year, the corporation is not associated with any corporation but was associated with one or more corporations in the preceding taxation year, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the particular taxation year, or if, in the particular taxation year, the corporation is associated with one or more particular corporations, the total of all amounts each of which is the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation or of any of the particular corporations for its last taxation year that ended in the preceding calendar year.
    Full text

    Notwithstanding subsections (2), (3), (4) and (5), a Canadian-controlled private corporation’s business limit for a particular taxation year ending in a calendar year is the amount, if any, by which its business limit otherwise determined for the particular year exceeds the amount determined by the formula A × (B/$11,250) where A is the amount that would, but for this subsection, be the corporation’s business limit for the particular year; and B is the amount determined by the formula 0.225% × (D – $10 million) where D is if, in both the particular taxation year and the preceding taxation year, the corporation is not associated with any corporation, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the preceding taxation year, if, in the particular taxation year, the corporation is not associated with any corporation but was associated with one or more corporations in the preceding taxation year, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the particular taxation year, or if, in the particular taxation year, the corporation is associated with one or more particular corporations, the total of all amounts each of which is the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation or of any of the particular corporations for its last taxation year that ended in the preceding calendar year.

  3. 2013-06-26 to 2016-12-15 View Source
    Notwithstanding subsections 125(2) to 125(5), a Canadian-controlled private corporation’s business limit for a particular taxation year ending in a calendar year is the amount, if any, by which its business limit otherwise determined for the particular year exceeds the amount determined by the formula A × (B/$11,250) where A is the amount that would, but for this subsection, be the corporation’s business limit for the particular year; and B is the amount determined by the formula 0.225% × (D – $10 million) where D is if, in both the particular taxation year and the preceding taxation year, the corporation is not associated with any othercorporation, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the preceding taxation year, if, in the particular taxation year, the amountcorporation thatis would,not associated with any corporation but forwas subsectionsassociated 181.1(2)with andone 181.1(4),or bemore corporations in the corporation’s tax payable under Part I.3 for its preceding taxation year, andthe wheretaxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the particular taxation year, or if, in the particular taxation year, the corporation is associated with one or more other corporations in the particular year,corporations, the total of all amounts each of which would, but for subsections 181.1(2) and 181.1(4), beis the taxtaxable payablecapital underemployed Partin I.3Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation or of any suchof otherthe corporationparticular corporations for its last taxation year endingthat ended in the preceding calendar year.
    Full text

    Notwithstanding subsections 125(2) to 125(5), a Canadian-controlled private corporation’s business limit for a particular taxation year ending in a calendar year is the amount, if any, by which its business limit otherwise determined for the particular year exceeds the amount determined by the formula A × (B/$11,250) where A is the amount that would, but for this subsection, be the corporation’s business limit for the particular year; and B is the amount determined by the formula 0.225% × (D – $10 million) where D is if, in both the particular taxation year and the preceding taxation year, the corporation is not associated with any corporation, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the preceding taxation year, if, in the particular taxation year, the corporation is not associated with any corporation but was associated with one or more corporations in the preceding taxation year, the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation for the particular taxation year, or if, in the particular taxation year, the corporation is associated with one or more particular corporations, the total of all amounts each of which is the taxable capital employed in Canada (within the meaning assigned by subsection 181.2(1) or 181.3(1) or section 181.4, as the case may be) of the corporation or of any of the particular corporations for its last taxation year that ended in the preceding calendar year.

  4. 2004-08-31 to 2013-06-26 View Source

    Notwithstanding subsections 125(2) to 125(5), a Canadian-controlled private corporation’s business limit for a particular taxation year ending in a calendar year is the amount, if any, by which its business limit otherwise determined for the particular year exceeds the amount determined by the formula A × (B/$11,250) where A is the amount that would, but for this subsection, be the corporation’s business limit for the particular year; and B is where the corporation is not associated with any other corporation in the particular year, the amount that would, but for subsections 181.1(2) and 181.1(4), be the corporation’s tax payable under Part I.3 for its preceding taxation year, and where the corporation is associated with one or more other corporations in the particular year, the total of all amounts each of which would, but for subsections 181.1(2) and 181.1(4), be the tax payable under Part I.3 by the corporation or any such other corporation for its last taxation year ending in the preceding calendar year.