Versions of s. 133(9), definition “allowable refundable tax on hand”

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.

2013-06-26 to present available View Source

allowable refundable tax on hand of a corporation at any particular time means the amount determined by the formula(A + B + C) - (D + E + F) where A is the total of all amounts each of which is an amount in respect of any taxation year commencing after 1971 and ending before the particular time, equal to the tax under this Part payable by the corporation for the year, B is an amount equal to 15% of the amount determined for B in the definition cumulative taxable income in this subsection in respect of the corporation, C where the corporation’s 1972 taxation year commenced before 1972, is an amount equal to 10% of the amount that would be determined for C in the definition cumulative taxable income in this subsection if the reference in the description of C in that definition to “the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time” were read as a reference to “the 1972 taxation year”, D is the total of all amounts each of which is an amount, in respect of the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time, determined by the formula 0.25 × [L - (M + N)] where L is the total of the corporation’s taxable capital gains for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the assumption set out in paragraph 133(1)(d), M is the total of the corporation’s allowable capital losses for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the same assumption, and N is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), E is the total of all amounts each of which is an amount equal to 1/3 of any amount paid or credited by the corporation after the commencement of its 1972 taxation year and before the particular time, as, on account or in lieu of payment of, or in satisfaction of interest, and F is the total of all amounts each of which is an amount in respect of any taxable dividend paid by the corporation on a share of its capital stock before the particular time and after the commencement of its first taxation year commencing after 1971, equal to the amount in respect of the dividend determined under the definition allowable refund in subsection 133(8); (montant admissible de l’impôt en main remboursable)

Full text

allowable refundable tax on hand of a corporation at any particular time means the amount determined by the formula(A + B + C) - (D + E + F) where A is the total of all amounts each of which is an amount in respect of any taxation year commencing after 1971 and ending before the particular time, equal to the tax under this Part payable by the corporation for the year, B is an amount equal to 15% of the amount determined for B in the definition cumulative taxable income in this subsection in respect of the corporation, C where the corporation’s 1972 taxation year commenced before 1972, is an amount equal to 10% of the amount that would be determined for C in the definition cumulative taxable income in this subsection if the reference in the description of C in that definition to “the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time” were read as a reference to “the 1972 taxation year”, D is the total of all amounts each of which is an amount, in respect of the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time, determined by the formula 0.25 × [L - (M + N)] where L is the total of the corporation’s taxable capital gains for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the assumption set out in paragraph 133(1)(d), M is the total of the corporation’s allowable capital losses for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the same assumption, and N is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), E is the total of all amounts each of which is an amount equal to 1/3 of any amount paid or credited by the corporation after the commencement of its 1972 taxation year and before the particular time, as, on account or in lieu of payment of, or in satisfaction of interest, and F is the total of all amounts each of which is an amount in respect of any taxable dividend paid by the corporation on a share of its capital stock before the particular time and after the commencement of its first taxation year commencing after 1971, equal to the amount in respect of the dividend determined under the definition allowable refund in subsection 133(8); (montant admissible de l’impôt en main remboursable)
2004-08-31 to 2013-06-26 View Source

allowable refundable tax on hand of a corporation at any particular time means the amount determined by the formula(A + B + C) - (D + E + F) where A is the total of all amounts each of which is an amount in respect of any taxation year commencing after 1971 and ending before the particular time, equal to the tax under this Part payable by the corporation for the year, B is an amount equal to 15% of the amount determined for B in the definition cumulative taxable income in this subsection in respect of the corporation, C where the corporation’s 1972 taxation year commenced before 1972, is an amount equal to 10% of the amount that would be determined for C in the definition cumulative taxable income in this subsection if the reference in the description of C in that definition to “the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time” were read as a reference to “the 1972 taxation year”, D is the total of all amounts each of which is an amount, in respect of the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time, determined by the formula 0.25 × [L - (M + N)] where L is the total of the corporation’s taxable capital gains for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the assumption set out in paragraph 133(1)(d), M is the total of the corporation’s allowable capital losses for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the same assumption, and N is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), E is the total of all amounts each of which is an amount equal to 1/3 of any amount paid or credited by the corporation after the commencement of its 1972 taxation year and before the particular time, as, on account or in lieu of payment of, or in satisfaction of interest, and F is the total of all amounts each of which is an amount in respect of any taxable dividend paid by the corporation on a share of its capital stock before the particular time and after the commencement of its first taxation year commencing after 1971, equal to the amount in respect of the dividend determined under the definition allowable refund in subsection 133(8);