Income Tax Act — I-3.3 181.1
ed; and (b) an amount in respect of a corporation’s unused surtax credit for a taxation year may be claimed under subsection 181.1(4) in computing its tax payable under this Part for another taxation year only to the extent that it exceeds the total of all amounts each of which is an amount claimed in respect of that unused surtax credit in computing its tax payable under this Part or Part VI for a taxation year preceding that other year. Definitions (6) For the purposes of this subsection and subsections 181.1(4), 181.1(5) and 181.1(7), Canadian surtax payable of a corporation for a taxation year has the meaning assigned by subsection 125.3(4); ( surtaxe canadienne payable ) unused surtax credit for a taxation year ending after 1991 (a) of a corporation (other than a corporation that was throughout the year a financial institution, within the meaning assigned by section 190) means the amount, if any, by which (i) its Canadian surtax payable for the year exceeds the total of (ii) the amount that would, but for subsection 181.1(4), be its tax payable under this Part for the year, and (iii) the amount, if any, deducted under section 125.3 in computing the corporation’s tax payable under Part I for the year, and (b) of a corporation that was throughout the year a financial institution (within the meaning assigned by section 190) means the lesser of (i) the amount, if any, by which (A) its Canadian surtax payable for the year exceeds the total of (B) the amount that would, but for subsection 181.1(4), be its tax payable under this Part for the year, and (C) the amount, if any, deducted under section 125.3 in computing the corporation’s tax payable under Part I for the year, and (ii) the amount, if any, by which its tax payable under Part I for the year exceeds the amount that would, but for subsection 181.1(4) and subsection 190.1(3), be the total of its taxes payable under Parts I.3 and VI for the year. ( crédit de surtaxe inutilisé ) Acquisition of control (7) Where at any time control of a corporation has been acquired by a person or group of persons, no amount in respect of its unused surtax credit for a taxation year ending before that time is deductible by the corporation for a taxation year ending after that time and no amount in respect of its unused surtax credit for a taxation year ending after that time is deductible by the corporation for a taxation year ending before that time, except that (a) the corporation’s unused surtax credit for a particular taxation year that ended before that time is deductible by the corporation for a taxation year that ends after that time (in this paragraph referred to as the “subsequent year”) to the extent of that proportion of the corporation’s Canadian surtax payable for the particular year that (i) the amount, if any, by which (A) the total of all amounts each of which is (I) its income under Part I for the particular year from a business that was carried on by the corporation throughout the subsequent year for profit or with a reasonable expectation of profit, or (II) where properties were sold, leased, rented or developed or services were rendered in the course of carrying on that business before that time, its income under Part I for the particular year from any other business all or substantially all of the income of which was derived from the sale, leasing, rental or development, as the case may be, of similar properties or the rendering of similar services exceeds (B) the total of all amounts each of which is an amount deducted under paragraph 111(1)(a) or 111(1)(d) in computing its taxable income for the particular year in respect of a non-capital loss or a farm loss, as the case may be, for taxation year in respect of any business referred to in clause 181.1(7)(a)(i)(A) is of the greater of (ii) the amount determined under subparagraph 181.1(7)(a)(i), and (iii) the corporation’s taxable income for the particular year; and (b) the corporation’s unused surtax credit for a partic