Versions of s. 137(3)

I-3.3 — Income Tax Act · 4 versions · View current text

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

2015-06-23 to present available View Source

There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was, throughout the year, a credit union, an amount equal to the amount determined by the formula A × B × C where A is the rate that would, if subsection 125(1.1) applied to the corporation for the year, be its small business deduction rate for the year within the meaning assigned by that subsection, B is the amount, if any, determined by the formula D – E where D is the lesser of the corporation’s taxable income for the year, and the amount, if any, by which 4/3 of the corporation’s maximum cumulative reserve at the end of the year exceeds the corporation’s preferred-rate amount at the end of the immediately preceding taxation year, and E is the least of the amounts determined under paragraphs 125(1)(a) to (c) in respect of the corporation for the year, and C is the percentage that is the total of the proportion of 100% that the number of days in the year that are before March 21, 2013 is of the number of days in the year, the proportion of 80% that the number of days in the year that are after March 20, 2013 and before 2014 is of the number of days in the year, the proportion of 60% that the number of days in the year that are in 2014 is of the number of days in the year, the proportion of 40% that the number of days in the year in 2015 is of the number of days in the year, the proportion of 20% that the number of days in the year in 2016 is of the number of days in the year, and if one or more days in the year are after 2016, 0%.

Full text

There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was, throughout the year, a credit union, an amount equal to the amount determined by the formula A × B × C where A is the rate that would, if subsection 125(1.1) applied to the corporation for the year, be its small business deduction rate for the year within the meaning assigned by that subsection, B is the amount, if any, determined by the formula D – E where D is the lesser of the corporation’s taxable income for the year, and the amount, if any, by which 4/3 of the corporation’s maximum cumulative reserve at the end of the year exceeds the corporation’s preferred-rate amount at the end of the immediately preceding taxation year, and E is the least of the amounts determined under paragraphs 125(1)(a) to (c) in respect of the corporation for the year, and C is the percentage that is the total of the proportion of 100% that the number of days in the year that are before March 21, 2013 is of the number of days in the year, the proportion of 80% that the number of days in the year that are after March 20, 2013 and before 2014 is of the number of days in the year, the proportion of 60% that the number of days in the year that are in 2014 is of the number of days in the year, the proportion of 40% that the number of days in the year in 2015 is of the number of days in the year, the proportion of 20% that the number of days in the year in 2016 is of the number of days in the year, and if one or more days in the year are after 2016, 0%.
2013-06-26 to 2015-06-23 View Source

There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was, throughout the year, a credit union, an amount equal to the amount determined by ~~multiplying~~the formula A × B × C where A is the rate that would, if subsection 125(1.1) applied to the corporation for the year, be its small business deduction rate for the year within the meaning assigned by that subsection, B is the amount, if any, determined by the formula D – E where D is the lesser of the corporation’s taxable income for the year, and the amount, if any, by which 4/3 of the ~~lesser~~corporation’s maximum cumulative reserve at the end of the year exceeds the corporation’s preferred-rate amount at the end of the immediately preceding taxation year, and E is the least of the amounts determined under paragraphs 125(1)(a) to (c) in respect of the corporation for the year, and C is the percentage that is the total of the proportion of 100% that the number of days in the year that are before March 21, 2013 is of the number of days in the year, the proportion of 80% that the number of days in the year that are after March 20, 2013 and before 2014 is of the number of days in the year, the proportion of 60% that the number of days in the year that are in 2014 is of the number of days in the year, the proportion of 40% that the number of days in the year in 2015 is of the number of days in the year, the proportion of 20% that the number of days in the year in 2016 is of the number of days in the year, and if one or more days in the year are after 2016, 0%.

Full text

There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was, throughout the year, a credit union, an amount equal to the amount determined by the formula A × B × C where A is the rate that would, if subsection 125(1.1) applied to the corporation for the year, be its small business deduction rate for the year within the meaning assigned by that subsection, B is the amount, if any, determined by the formula D – E where D is the lesser of the corporation’s taxable income for the year, and the amount, if any, by which 4/3 of the corporation’s maximum cumulative reserve at the end of the year exceeds the corporation’s preferred-rate amount at the end of the immediately preceding taxation year, and E is the least of the amounts determined under paragraphs 125(1)(a) to (c) in respect of the corporation for the year, and C is the percentage that is the total of the proportion of 100% that the number of days in the year that are before March 21, 2013 is of the number of days in the year, the proportion of 80% that the number of days in the year that are after March 20, 2013 and before 2014 is of the number of days in the year, the proportion of 60% that the number of days in the year that are in 2014 is of the number of days in the year, the proportion of 40% that the number of days in the year in 2015 is of the number of days in the year, the proportion of 20% that the number of days in the year in 2016 is of the number of days in the year, and if one or more days in the year are after 2016, 0%.
2008-01-01 to 2013-06-26 View Source

There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was, throughout the year, a credit union, an amount equal to ~~16%~~the ofamount determined by multiplying the rate that would, if subsection 125(1.1) applied to the corporation for the year, be its small business deduction rate for the year within the meaning assigned by that subsection, by the amount, if any, by which the lesser of

Full text

There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was, throughout the year, a credit union, an amount equal to the amount determined by multiplying the rate that would, if subsection 125(1.1) applied to the corporation for the year, be its small business deduction rate for the year within the meaning assigned by that subsection, by the amount, if any, by which the lesser of
2004-08-31 to 2008-01-01 View Source

There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was, throughout the year, a credit union, an amount equal to 16% of the amount, if any, by which the lesser of