Versions of s. 127.1(2), definition “qualifying income limit”

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.

2026-03-26 to present available View Source

qualifying income limit of a corporation for a particular taxation year is the amount determined by the formula$500,000 × ~~[($40~~[($60 million –− ~~A)/$40~~A) ÷ $60 million] where A is nil, if ~~$10~~$15 million is greater than or equal to the amount (in paragraph (b) referred to as the “taxable capital amount”) that is the total of the corporation’s taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) for its immediately preceding taxation year and the taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) of each associated corporation for the associated corporation’s last taxation year that ended in the last calendar year that ended before the end of the particular taxation year, orand in any other case, the lesser of ~~$40~~$60 million and the amount by which the taxable capital amount exceeds ~~$10~~$15 million; (plafond de revenu admissible)

Full text

qualifying income limit of a corporation for a particular taxation year is the amount determined by the formula$500,000 × [($60 million − A) ÷ $60 million] where A is nil, if $15 million is greater than or equal to the amount (in paragraph (b) referred to as the “taxable capital amount”) that is the total of the corporation’s taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) for its immediately preceding taxation year and the taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) of each associated corporation for the associated corporation’s last taxation year that ended in the last calendar year that ended before the end of the particular taxation year, and in any other case, the lesser of $60 million and the amount by which the taxable capital amount exceeds $15 million; (plafond de revenu admissible)
2017-02-01 to 2026-03-26 View Source

qualifying income limit of a corporation for a particular taxation year is the amount determined by the formula$500,000 × [($40 million – A)/$40 million] where A is nil, if $10 million is greater than or equal to the amount (in paragraph (b) referred to as the “taxable capital amount”) that is the total of the corporation’s taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) for its immediately preceding taxation year and the taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) of each associated corporation for the associated corporation’s last taxation year that ended in the last calendar year that ended before the end of the particular taxation year, or in any other case, the lesser of $40 million and the amount by which the taxable capital amount exceeds $10 million; (plafond de revenu admissible)

Full text

qualifying income limit of a corporation for a particular taxation year is the amount determined by the formula$500,000 × [($40 million – A)/$40 million] where A is nil, if $10 million is greater than or equal to the amount (in paragraph (b) referred to as the “taxable capital amount”) that is the total of the corporation’s taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) for its immediately preceding taxation year and the taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) of each associated corporation for the associated corporation’s last taxation year that ended in the last calendar year that ended before the end of the particular taxation year, or in any other case, the lesser of $40 million and the amount by which the taxable capital amount exceeds $10 million; (plafond de revenu admissible)
2009-03-12 to 2017-02-01 View Source

qualifying income limit of a corporation for a particular taxation year is the amount determined by the formula$500,000 × [($40 million – A)/$40 million] where A is nil, if $10 million is greater than or equal to the amount (in paragraph (b) referred to as the “taxable capital amount”) that is the total of the corporation’s taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) for its immediately preceding taxation year and the taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) of each associated corporation for the associated corporation’s last taxation year that ended in the last calendar year that ended before the end of the particular taxation year, or in any other case, the lesser of $40 million and the amount by which the taxable capital amount exceeds $10 million;