Income Tax Act — I-3.3 190.1
Tax payable 190.1 (1) Every corporation that is a financial institution at any time during a taxation year shall pay a tax under this Part for the year equal to 1.25% of the amount, if any, by which its taxable capital employed in Canada for the year exceeds its capital deduction for the year. (1.1) and (1.2) [Repealed, 2007, c. 2, s. 40] Short taxation years (2) Where a taxation year of a corporation is less than 51 weeks, the amount determined under subsection 190.1(1) for the year in respect of the corporation shall be reduced to that proportion of that amount that the number of days in the year is of 365. Deduction (3) There may be deducted in computing a corporation’s tax payable under this Part for a taxation year an amount equal to the total of (a) the corporation’s tax payable under Parts I and VI.2 (determined in accordance with subsection 191.5(9)) for the year; and (b) such part as the corporation claims of its unused Part I tax credits and unused surtax credits for its 7 taxation years immediately before and its 3 taxation years immediately after the year. (c) and (d) [Repealed, 2007, c. 2, s. 40] Idem (4) For the purposes of this subsection and subsections 190.1(3), 190.1(5) and 190.1(6), (a) an amount may not be claimed under subsection 190.1(3) in computing a corporation’s tax payable under this Part for a particular taxation year (i) in respect of its unused Part I tax credit for another taxation year, until its unused Part I tax credits for taxation years preceding the other year that may be claimed under this Part for the particular year have been claimed, and (ii) in respect of its unused surtax credit for another taxation year, until its unused surtax credits for taxation years preceding the other year that may be claimed under Part I.3 or this Part for the particular year have been claimed; (b) an amount may be claimed under subsection 190.1(3) in computing a corporation’s tax payable under this Part for a particular taxation year (i) in respect of its unused Part I tax credit for another taxation year, only to the extent that it exceeds the total of all amounts each of which is the amount claimed in respect of that unused Part I tax credit in computing its tax payable under this Part for a taxation year preceding the particular year, and (ii) in respect of its unused surtax credit for another taxation year, only to the extent that it exceeds the total of all amounts each of which is the amount claimed in respect of the unused surtax credit (A) in computing its tax payable under this Part for a taxation year preceding the particular year, or (B) in computing its tax payable under Part I.3 for the particular year or a taxation year preceding the particular year; and (c) an amount may be claimed under paragraph (3)(b) in computing a corporation’s tax payable under this Part for a taxation year that ends before July 1, 2006 in respect of its unused Part I tax credit for a taxation year that ends after July 1, 2006 (referred to in this paragraph as the “credit taxation year”) only to the extent that the unused Part I tax credit exceeds the amount, if any, by which (i) the amount that would, if this Part were read as it applied to the 2005 taxation year, be the corporation’s tax payable under this Part for the credit taxation year exceeds (ii) the corporation’s tax payable under this Part for the credit taxation year. Definitions (5) For the purposes of subsections 190.1(3), 190.1(4) and 190.1(6), unused Part I tax credit , of a corporation for a taxation year, means the amount, if any, by which (a) the corporation’s tax payable under Part I for the year exceeds (b) the amount that would, but for subsection (3), be its tax payable under this Part for the year; ( crédit d’impôt de la partie I inutilisé ) unused surtax credit of a corporation for a taxation year has the meaning assigned by subsection 181.1(6). ( crédit de surtaxe inutilisé ) Acquisition of control (6) Where at any time control of a corporation wa