Versions of s. 137(6), definition “maximum cumulative reserve”

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.

2015-06-23 to present available View Source

maximum cumulative reserve of a credit union at the end of any particular taxation year means an amount determined by the formula 0.05 × (A + B) where A is the total of all amounts each of which is the amount of any debt owing by the credit union to a member thereof or of any other obligation of the credit union to pay an amount to a member thereof, that was outstanding at the end of the year, including, for greater certainty, the amount of any deposit standing to the credit of a member of the credit union in the records of the credit union, but excluding, for greater certainty, any share in the credit union of any member thereof, and B is the total of all amounts each of which is the amount, as of the end of the year, of any share in the credit union of any member thereof; (provision cumulative maximale)

Full text

maximum cumulative reserve of a credit union at the end of any particular taxation year means an amount determined by the formula 0.05 × (A + B) where A is the total of all amounts each of which is the amount of any debt owing by the credit union to a member thereof or of any other obligation of the credit union to pay an amount to a member thereof, that was outstanding at the end of the year, including, for greater certainty, the amount of any deposit standing to the credit of a member of the credit union in the records of the credit union, but excluding, for greater certainty, any share in the credit union of any member thereof, and B is the total of all amounts each of which is the amount, as of the end of the year, of any share in the credit union of any member thereof; (provision cumulative maximale)
2004-08-31 to 2015-06-23 View Source

maximum cumulative reserve of a credit union at the end of any particular taxation year means an amount determined by the formula 0.05 × (A + B) where A is the total of all amounts each of which is the amount of any debt owing by the credit union to a member thereof or of any other obligation of the credit union to pay an amount to a member thereof, that was outstanding at the end of the year, including, for greater certainty, the amount of any deposit standing to the credit of a member of the credit union in the records of the credit union, but excluding, for greater certainty, any share in the credit union of any member thereof, and B is the total of all amounts each of which is the amount, as of the end of the year, of any share in the credit union of any member thereof;