Income Tax Regulations — 808
e of the cost amount to the corporation at the end of the year of each debt (other than a debt referred to in paragraph (e) or a debt the amount of which was deducted under paragraph 20(1)(p) of the Act in computing the corporation’s income for the year) owing to it (i) in respect of any transaction by virtue of which an amount has been included in computing its income for the year or for a previous year from a business carried on by it in Canada, or (ii) where any part of its ordinary business carried on in Canada was the lending of money, in respect of a loan made by the corporation in the ordinary course of that part of its business, and (h) [Repealed, SOR/2009-302, s. 7] (i) an amount equal to the allowable liquid assets of the corporation at the end of the year, exceeds the aggregate of (j) an amount equal to the total of all amounts each of which is an amount deducted under paragraph 20(1)(l), (l.1) or (n) of the Act in computing the corporation’s income for the year from a business carried on by the corporation in Canada, (k) an amount equal to the aggregate of all amounts each of which is an amount deducted by the corporation in the year under subparagraph 40(1)(a)(iii) or 44(1)(e)(iii) of the Act in respect of a debt referred to in paragraph (e); (l) an amount equal to the aggregate of each amount owing by the corporation at the end of the year on account of (i) the purchase price of property that is referred to in paragraph (a), (b) or (f) or that would be so referred to but for the fact that it has been disposed of before the end of the year, (ii) Canadian exploration and development expenses, Canadian exploration expense, Canadian development expense or Canadian oil and gas property expense, or (iii) [Repealed, 2016, c. 12, s. 77] (iv) any other outlay or expense made or incurred by the corporation to the extent that it was deducted in computing its income for the year or for a previous taxation year from a business carried on by it in Canada; (m) an amount equal to the aggregate of all amounts each of which is an amount equal to that proportion of the amount owing (other than an amount owing on account of an outlay or expense referred to in paragraph (l)) by the corporation at the end of the year on account of an obligation outstanding at any time in the year in respect of which interest is stipulated to be payable by it that (i) the interest paid or payable on the obligation by the corporation in respect of the year that is deductible, or would be deductible but for subsection 18(2), (3.1) or (4) or section 21 of the Act, in computing its income for the year from a business carried on by it in Canada, is of (ii) the interest paid or payable on the obligation by the corporation in respect of the year; (n) the amount, if any, by which (i) the amount (referred to in this paragraph as “Part I liability”), if any, by which the tax payable for the year by the corporation under Part I of the Act exceeds the amount, if any, paid by the corporation before the end of the year on account thereof, exceeds (ii) that proportion of the Part I liability that the amount, if any, in respect of the corporation for the year that is the lesser of (A) the amount, if any, by which the total of all amounts each of which is a taxable capital gain of the corporation for the year from a disposition of a taxable Canadian property that was not used or held by it in the year in the course of carrying on business in Canada exceeds the total of all amounts each of which is an allowable capital loss of the corporation for the year from a disposition of such a property, and (B) the amount that would be determined under clause (A) for the year if it were read without reference to the expression “that was not used or held by it in the year in the course of carrying on business in Canada”, is of the corporation’s taxable income earned in Canada for the year; and (iii) [Repealed, SOR/2009-302, s. 7] (o) the amount, if any, by which (i) the amount (re