Versions of s. 133(9), definition “cumulative taxable income”

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

cumulative taxable income of a corporation at any particular time means the amount determined by the formula(A + B) - (C + D + E) where A is the total of the corporation’s taxable incomes for taxation years commencing after 1971 and ending before the particular time, B where the corporation’s 1972 taxation year commenced before 1972, is the amount determined by the formula L - (M + N) where L is the corporation’s taxable income for its 1972 taxation year M is the total of all amounts received by the corporation as described in paragraph 196(4)(b), and N is the lesser of the amount determined under paragraph 196(4)(e) in respect of the corporation and the amount, if any, by which the total of amounts determined under paragraphs 196(4)(d) to 196(4)(f) in respect of the corporation exceeds the total of amounts determined under paragraphs 196(4)(a) to 196(4)(c) in respect of the corporation, C 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 P - (Q + R) where P 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), Q 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 R is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), D is the total of all amounts each of which is an amount equal to 4/3 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 E is the total of all amounts each of which is the amount 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 firs t taxation year commencing after 1971. (revenu imposable cumulatif)

Full text

cumulative taxable income of a corporation at any particular time means the amount determined by the formula(A + B) - (C + D + E) where A is the total of the corporation’s taxable incomes for taxation years commencing after 1971 and ending before the particular time, B where the corporation’s 1972 taxation year commenced before 1972, is the amount determined by the formula L - (M + N) where L is the corporation’s taxable income for its 1972 taxation year M is the total of all amounts received by the corporation as described in paragraph 196(4)(b), and N is the lesser of the amount determined under paragraph 196(4)(e) in respect of the corporation and the amount, if any, by which the total of amounts determined under paragraphs 196(4)(d) to 196(4)(f) in respect of the corporation exceeds the total of amounts determined under paragraphs 196(4)(a) to 196(4)(c) in respect of the corporation, C 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 P - (Q + R) where P 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), Q 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 R is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), D is the total of all amounts each of which is an amount equal to 4/3 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 E is the total of all amounts each of which is the amount 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 firs t taxation year commencing after 1971. (revenu imposable cumulatif)
2004-08-31 to 2013-06-26 View Source

cumulative taxable income of a corporation at any particular time means the amount determined by the formula(A + B) - (C + D + E) where A is the total of the corporation’s taxable incomes for taxation years commencing after 1971 and ending before the particular time, B where the corporation’s 1972 taxation year commenced before 1972, is the amount determined by the formula L - (M + N) where L is the corporation’s taxable income for its 1972 taxation year M is the total of all amounts received by the corporation as described in paragraph 196(4)(b), and N is the lesser of the amount determined under paragraph 196(4)(e) in respect of the corporation and the amount, if any, by which the total of amounts determined under paragraphs 196(4)(d) to 196(4)(f) in respect of the corporation exceeds the total of amounts determined under paragraphs 196(4)(a) to 196(4)(c) in respect of the corporation, C 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 P - (Q + R) where P 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), Q 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 R is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), D is the total of all amounts each of which is an amount equal to 4/3 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 E is the total of all amounts each of which is the amount 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 firs t taxation year commencing after 1971.