Income Tax Act — I-3.3 125.7
who is a holder of common shares of the company or of the subsidiary of the company. COVID-19 — rent subsidy (2.1) For a qualifying renter for a qualifying period referred to in any of paragraphs (c.5) to (d) of the definition qualifying period in subsection (1), an overpayment on account of the qualifying renter’s liability under this Part for the taxation year in which the qualifying period ends is deemed to have arisen during the qualifying period in an amount determined by the formula A + B where A is the amount determined by the formula C × D where C is the qualifying renter’s rent subsidy percentage for the qualifying period, and D is the lesser of (a) the total of all amounts, each of which is the qualifying renter’s qualifying rent expense for a qualifying property for the qualifying period, and (b) the amount determined by the formula E × E.1 where E is (i) 100%, unless the qualifying renter is affiliated at any time in the qualifying period with one or more eligible entities that claims an amount under this subsection in respect of the qualifying period, (ii) a percentage assigned to the qualifying renter under an agreement, if (A) the agreement is entered into by the qualifying renter and each eligible entity that (I) is affiliated with the qualifying renter in the qualifying period, and (II) claims an amount under this subsection in respect of the qualifying period, (B) the agreement is filed in prescribed form and manner with the Minister in respect of the qualifying period by the qualifying renter and each eligible entity referred to in clause (A) with their application for the qualifying period, (C) the agreement assigns, for the purposes of this subsection, a percentage in respect of each eligible entity referred to in clause (B) for the qualifying period, and (D) the total of all the percentages assigned under the agreement does not exceed 100%, and (iii) in any other case, nil, and E.1 is (i) $300,000 for the eighth qualifying period to the twenty-first qualifying period, and (ii) $1,000,000 for the twenty-second qualifying period and subsequent qualifying periods; and B is the total of all amounts, each of which is an amount in respect of a qualifying property for the qualifying period, determined by the formula F × G where F is (i) nil, unless the rent subsidy percentage of the qualifying renter for the qualifying period is greater than 0%, and (ii) in any other case, the rent top-up percentage of the qualifying renter in respect of the qualifying property for the qualifying period, and G is the qualifying rent expense of the qualifying renter in respect of the qualifying property for the qualifying period. Canada recovery hiring program (2.2) For a qualifying recovery entity for a qualifying period, an overpayment on account of the qualifying entity’s liability under this Part for the taxation year in which the qualifying period ends is deemed to have arisen during the qualifying period in an amount determined by the formula A × (B − C) where A is the recovery wage subsidy rate for the qualifying period; B is the qualifying recovery entity’s total current period remuneration for the qualifying period; and C is the qualifying recovery entity’s total base period remuneration. When assistance received (3) For the purposes of this Act other than this section, and for greater certainty, an amount that an eligible entity is deemed under any of subsections (2) to (2.2) to have overpaid is assistance received by it from a government immediately before the end of the qualifying period to which it relates. Computation of revenue (4) For the purposes of the definition qualifying revenue in subsection (1), the qualifying revenue of an eligible entity is to be determined in accordance with its normal accounting practices, except that (a) if a group of eligible entities normally prepares consolidated financial statements, each member of the group may determine its qualifying revenue separately, provided every member of