Versions of s. 125.7(1), definition “executive compensation repayment amount”, para (b)

I-3.3 — Income Tax Act · 2 versions · View current text

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

2021-12-17 to present available View Source

if the conditions in subparagraph (a)(i) or (ii) are met, the amount determined by the formula A × B where A is a percentage assigned to the eligible entity under an agreement in respect of the seventeenth qualifying period to the twenty-third qualifying period if the agreement is entered into by the eligible entity, an eligible entity, shares of the capital stock of which are listed or traded on a stock exchange or other public market, that controls the eligible entity (referred to in this definition as the “public parent corporation”), if the public parent corporation received a deemed overpayment under subsection (2) in respect of any of the seventeenth qualifying period to the twenty-third qualifying period, and each other eligible entity that received a deemed overpayment under subsection (2) in respect of any of the seventeenth qualifying period to the twenty-third qualifying period and was controlled in that period by the eligible entity or the public parent corporation, if any, the agreement is filed in prescribed form and manner with the Minister, the agreement assigns, for the purposes of this definition, a percentage in respect of each eligible entity referred to in clause (A) of this subparagraph, the total of all the percentages assigned under the agreement equals 100%, and the percentage allocated to any eligible entity under the agreement would not result in an amount allocated to the eligible entity in excess of the total of all amounts of deemed overpayments of the eligible entity under subsection (2) for any of the seventeenth qualifying period to the twenty-third qualifying period, a percentage assigned to the eligible entity under an agreement in respect of the twenty-fourth qualifying period and any subsequent qualifying period if the agreement is entered into by the eligible entity, the public parent corporation, if the public parent corporation received a deemed overpayment under subsection (2) in respect of the twenty-fourth qualifying period or any subsequent qualifying period, and each other eligible entity that received a deemed overpayment under subsection (2) in respect of the ~~seventeenth~~twenty-fourth qualifying period or any subsequent qualifying period and was controlled in that period by the eligible entity or the public parent corporation, if any, the agreement is filed in prescribed form and manner with the Minister, the agreement assigns, for the purposes of this definition, a percentage in respect of each eligible entity referred to in clause (A) of this ~~description,~~subparagraph, the total of all the percentages assigned under the agreement equals 100%, and the percentage allocated to any eligible entity under the agreement would not result in an amount allocated to the eligible entity in excess of the total of all amounts of deemed overpayments of the eligible entity under subsection (2) for the ~~seventeenth~~twenty-fourth qualifying period and any subsequent qualifying period, and in any other case, 100%, and B is for the seventeenth qualifying period to the twenty-third qualifying period, the lesser of the total of all amounts each of which is an amount of a deemed overpayment under subsection (2) for each of the eligible entities described in clause (i)(A) of the description of A for the seventeenth qualifying period ~~and~~to ~~each~~the ~~subsequent~~twenty-third qualifying period, other than amounts in respect of employees on leave with pay, and the amount determined by the formula C − D where C is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2021 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year), and D is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2019 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year), and for the twenty-fourth qualifying period and any subsequent qualifying period, the lesser of the total of all amounts each of which is an amount of a deemed overpayment under subsection (2) for each of the eligible entities described in clause (i.1)(A) of the description of A for the twenty-fourth qualifying period and any subsequent qualifying period, other than amounts in respect of employees on leave with pay, and the amount determined by the formula E + F − G where E is the amount, if any, by which the amount determined under clause (i)(B) exceeds the amount determined under clause (i)(A), F is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2022 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year), and G is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2019 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year). (montant du remboursement de la rémunération de la haute direction)

Full text

if the conditions in subparagraph (a)(i) or (ii) are met, the amount determined by the formula A × B where A is a percentage assigned to the eligible entity under an agreement in respect of the seventeenth qualifying period to the twenty-third qualifying period if the agreement is entered into by the eligible entity, an eligible entity, shares of the capital stock of which are listed or traded on a stock exchange or other public market, that controls the eligible entity (referred to in this definition as the “public parent corporation”), if the public parent corporation received a deemed overpayment under subsection (2) in respect of any of the seventeenth qualifying period to the twenty-third qualifying period, and each other eligible entity that received a deemed overpayment under subsection (2) in respect of any of the seventeenth qualifying period to the twenty-third qualifying period and was controlled in that period by the eligible entity or the public parent corporation, if any, the agreement is filed in prescribed form and manner with the Minister, the agreement assigns, for the purposes of this definition, a percentage in respect of each eligible entity referred to in clause (A) of this subparagraph, the total of all the percentages assigned under the agreement equals 100%, and the percentage allocated to any eligible entity under the agreement would not result in an amount allocated to the eligible entity in excess of the total of all amounts of deemed overpayments of the eligible entity under subsection (2) for any of the seventeenth qualifying period to the twenty-third qualifying period, a percentage assigned to the eligible entity under an agreement in respect of the twenty-fourth qualifying period and any subsequent qualifying period if the agreement is entered into by the eligible entity, the public parent corporation, if the public parent corporation received a deemed overpayment under subsection (2) in respect of the twenty-fourth qualifying period or any subsequent qualifying period, and each other eligible entity that received a deemed overpayment under subsection (2) in respect of the twenty-fourth qualifying period or any subsequent qualifying period and was controlled in that period by the eligible entity or the public parent corporation, if any, the agreement is filed in prescribed form and manner with the Minister, the agreement assigns, for the purposes of this definition, a percentage in respect of each eligible entity referred to in clause (A) of this subparagraph, the total of all the percentages assigned under the agreement equals 100%, and the percentage allocated to any eligible entity under the agreement would not result in an amount allocated to the eligible entity in excess of the total of all amounts of deemed overpayments of the eligible entity under subsection (2) for the twenty-fourth qualifying period and any subsequent qualifying period, and in any other case, 100%, and B is for the seventeenth qualifying period to the twenty-third qualifying period, the lesser of the total of all amounts each of which is an amount of a deemed overpayment under subsection (2) for each of the eligible entities described in clause (i)(A) of the description of A for the seventeenth qualifying period to the twenty-third qualifying period, other than amounts in respect of employees on leave with pay, and the amount determined by the formula C − D where C is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2021 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year), and D is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2019 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year), and for the twenty-fourth qualifying period and any subsequent qualifying period, the lesser of the total of all amounts each of which is an amount of a deemed overpayment under subsection (2) for each of the eligible entities described in clause (i.1)(A) of the description of A for the twenty-fourth qualifying period and any subsequent qualifying period, other than amounts in respect of employees on leave with pay, and the amount determined by the formula E + F − G where E is the amount, if any, by which the amount determined under clause (i)(B) exceeds the amount determined under clause (i)(A), F is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2022 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year), and G is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2019 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year). (montant du remboursement de la rémunération de la haute direction)
2021-06-29 to 2021-12-17 View Source

if the conditions in subparagraph (a)(i) or (ii) are met, the amount determined by the formula A × B where A is a percentage assigned to the eligible entity under an agreement if the agreement is entered into by the eligible entity, an eligible entity, shares of the capital stock of which are listed or traded on a stock exchange or other public market, that controls the eligible entity (referred to in this definition as the “public parent corporation”), if the public parent corporation received a deemed overpayment under subsection (2) in respect of the seventeenth qualifying period or any subsequent qualifying period, and each other eligible entity that received a deemed overpayment under subsection (2) in respect of the seventeenth qualifying period or any subsequent qualifying period and was controlled in that period by the eligible entity or the public parent corporation, if any, the agreement is filed in prescribed form and manner with the Minister, the agreement assigns, for the purposes of this definition, a percentage in respect of each eligible entity referred to in clause (A) of this description, the total of all the percentages assigned under the agreement equals 100%, and the percentage allocated to any eligible entity under the agreement would not result in an amount allocated to the eligible entity in excess of the total of all amounts of deemed overpayments of the eligible entity under subsection (2) for the seventeenth qualifying period and any subsequent qualifying period, and in any other case, 100%, and B is the lesser of the total of all amounts each of which is an amount of a deemed overpayment under subsection (2) for each of the eligible entities described in clause (i)(A) of the description of A for the seventeenth qualifying period and each subsequent qualifying period, other than amounts in respect of employees on leave with pay, and the amount determined by the formula C − D where C is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2021 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year), and D is the executive remuneration of the eligible entity, or of the public parent corporation that controls the eligible entity, if any, for the 2019 calendar year (prorated based upon the number of days of the eligible entity’s, or the public parent corporation’s, fiscal periods in the calendar year, if those fiscal periods are not the calendar year). (montant du remboursement de la rémunération de la haute direction)