Versions of s. 125.1(2)

I-3.3 — Income Tax Act · 3 versions · View current text

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

2013-06-26 to present available View Source

A corporation that generates electrical energy for sale, or produces steam for sale, in a taxation year may deduct from its tax otherwise payable under this Part for the year an amount equal to the corporation’s general rate reduction percentage for the taxation year (within the meaning assigned by subsection 123.4(1)) multiplied by the amount determined by the formula A - B where A is the amount, if any, that would, if the definition manufacturing or processing in subsection (3), and in subsection 1104(9) of the Income Tax Regulations, were read without reference to paragraph (h) of those definitions (other than for the purpose of applying section 5201 of those Regulations and if subsection (5) applied for the purpose of subsection (1), be the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year; and B is the amount, if any, that is the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year.

Full text

A corporation that generates electrical energy for sale, or produces steam for sale, in a taxation year may deduct from its tax otherwise payable under this Part for the year an amount equal to the corporation’s general rate reduction percentage for the taxation year (within the meaning assigned by subsection 123.4(1)) multiplied by the amount determined by the formula A - B where A is the amount, if any, that would, if the definition manufacturing or processing in subsection (3), and in subsection 1104(9) of the Income Tax Regulations, were read without reference to paragraph (h) of those definitions (other than for the purpose of applying section 5201 of those Regulations and if subsection (5) applied for the purpose of subsection (1), be the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year; and B is the amount, if any, that is the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year.
2006-06-22 to 2013-06-26 View Source

A corporation that generates electrical energy for sale, or produces steam for sale, in a taxation year may deduct from its tax otherwise payable under this Part for the year 7%an ofamount equal to the corporation’s general rate reduction percentage for the taxation year (within the meaning assigned by subsection 123.4(1)) multiplied by the amount determined by the formula A - B where A is the amount, if any, that would, if the definition manufacturing or processing in subsection (3), and in subsection 1104(9) of the Income Tax Regulations, were read without reference to paragraph (h) of those definitions (other than for the purpose of applying section 5201 of those Regulations and if subsection (5) applied for the purpose of subsection (1), be the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year; and B is the amount, if any, that is the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year.

Full text

A corporation that generates electrical energy for sale, or produces steam for sale, in a taxation year may deduct from its tax otherwise payable under this Part for the year an amount equal to the corporation’s general rate reduction percentage for the taxation year (within the meaning assigned by subsection 123.4(1)) multiplied by the amount determined by the formula A - B where A is the amount, if any, that would, if the definition manufacturing or processing in subsection (3), and in subsection 1104(9) of the Income Tax Regulations, were read without reference to paragraph (h) of those definitions (other than for the purpose of applying section 5201 of those Regulations and if subsection (5) applied for the purpose of subsection (1), be the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year; and B is the amount, if any, that is the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year.
2004-08-31 to 2006-06-22 View Source

A corporation that generates electrical energy for sale, or produces steam for sale, in a taxation year may deduct from its tax otherwise payable under this Part for the year 7% of the amount determined by the formula A - B where A is the amount, if any, that would, if the definition manufacturing or processing in subsection (3), and in subsection 1104(9) of the Income Tax Regulations, were read without reference to paragraph (h) of those definitions (other than for the purpose of applying section 5201 of those Regulations and if subsection (5) applied for the purpose of subsection (1), be the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year; and B is the amount, if any, that is the lesser of the amount determined under paragraph (1)(a) in respect of the corporation for the year, and the amount determined under paragraph (1)(b) in respect of the corporation for the year.