Income Tax Act — I-3.3 204.81
n under subsection 204.81(1), the Minister shall assign to it a registration number. Successive registrations (3) Where an eligible labour body causes more than one corporation to be registered under this Part, for the purposes of paragraph 204.81(6)(h) and section 204.82, each of those corporations shall be deemed (a) to have issued a Class A share at the earliest time any such corporation issued a Class A share, and, where the corporation did not exist at the time referred to in paragraph 204.81(3)(a), (b) to have been in existence during the particular period beginning immediately before that time and ending immediately after the corporation was incorporated, and (c) to have had, throughout the particular period, fiscal periods ending on the same calendar day in each year in the particular period as the calendar day on which its first fiscal period after it was incorporated ended. Determination of cost (4) For the purposes of this Part, the cost at any time to a corporation of an eligible investment that is a guarantee shall be deemed to be 25% of the amount of the debt obligation subject to the guarantee at that time. Registration date (5) Where the Minister registers a corporation for the purposes of this Part, the corporation shall be deemed to have become so registered on the later of (a) the day the application for registration of the plan is received by the Minister, and (b) where in the application for registration a day is specified as the day on which the registration is to take effect, that day. Revocation of registration (6) The Minister may revoke the registration of a corporation for the purposes of this Part where (a) the articles of the corporation do not comply with paragraph 204.81(1)(c) and would not comply with that paragraph if the corporation had been incorporated after December 5, 1996; (a.1) the corporation does not comply with any of the provisions of its articles described in paragraph 204.81(1)(c), except where there would be no failure to comply if the provisions of its articles were consistent with the articles of a corporation that would be permitted to be registered under this Part if it had been incorporated after December 5, 1996; (b) an individual acquires or irrevocably subscribes and pays for a Class A share of the capital stock of the corporation in the period beginning on the 61st day of a calendar year and ending on the 60th day of the following calendar year and the corporation fails to file with the Minister an information return in prescribed form containing prescribed information before April of that following calendar year; (c) an individual acquires or irrevocably subscribes and pays for a Class A share of the capital stock of the corporation in the period beginning on the 61st day of a calendar year and ending on the 60th day of the following calendar year and the corporation fails to issue to the individual before April of that following calendar year an information return in prescribed form stating the amount of the consideration paid for the share in that period; (d) the corporation issues more than one information return described in paragraph 204.81(6)(c) in respect of the same acquisition of or subscription for a Class A share; (e) the financial statements of the corporation presented to its shareholders are not prepared in accordance with generally accepted accounting principles; (f) the corporation fails within 6 months after the end of any taxation year to have an independent valuation of its shares made as of the end of that year; (g) [Repealed, 2000, c. 19, s. 55(1)] (h) the corporation does not pay the tax or penalty payable under section 204.82 by it on or before the day on or before which that tax or penalty is required to be paid; (i) tax was payable under subsection 204.82(3) by the corporation for 3 or more taxation years; (j) the corporation provides a guarantee that is an eligible investment and fails to maintain, at any time during the term of the guarantee, a