Income Tax Act — I-3.3 87
in any manner whatever, by the new corporation, the new corporation shall be deemed to have acquired control of the corporation so controlled at the time control thereof was acquired by the predecessor corporation, and (ii) where a predecessor corporation was immediately before the amalgamation controlled, directly or indirectly in any manner whatever, by a corporation that, immediately after the amalgamation, controlled, directly or indirectly in any manner whatever, the new corporation, the new corporation shall be deemed to be the same corporation as, and a continuation of, each predecessor corporation; Para. 20(1)(n) and subpara. 40(1)(a)(iii) amounts (ll) notwithstanding any other provision of this Act, where any property was disposed of by a predecessor corporation, the new corporation shall, in computing (i) the amount of any deduction under paragraph 20(1)(n) as a reserve in respect of the property sold in the course of business, and (ii) the amount of its claim under subparagraph 40(1)(a)(iii) or 44(1)(e)(iii) in respect of the disposition of the property, be deemed to be the same corporation as, and a continuation of, the predecessor corporation; (mm) [Repealed, 2013, c. 34, s. 223] Refundable Part VII tax on hand (nn) for the purpose of computing the refundable Part VII tax on hand of the new corporation at the end of any taxation year, there shall be added to the total determined under paragraph 192(3)(a) the total of all amounts each of which is the amount, if any, by which (i) a predecessor corporation’s refundable Part VII tax on hand at the end of its last taxation year exceeds (ii) the predecessor corporation’s Part VII refund for its last taxation year; (oo) [Repealed, 2019, c. 29, s. 11] Refundable investment tax credit and balance-due day (oo.1) for the purpose of applying the definition qualifying corporation in subsection 127.1(2), and subparagraph (d)(i) of the definition balance-due day in subsection 248(1), to any corporation, the new corporation is deemed to have had (i) a particular taxation year that (A) where it was associated with another corporation in the new corporation’s first taxation year, ended in the calendar year that precedes the calendar year in which that first year ends, and (B) where clause 87(2)(oo.1)(i)(A) does not apply, immediately precedes that first year, (ii) taxable income for the particular year (determined before taking into consideration the specified future tax consequences for the particular year) equal to the total of all amounts each of which is a predecessor corporation’s taxable income for its taxation year that ended immediately before the amalgamation (determined before taking into consideration the specified future tax consequences for that year), (iii) a business limit for the particular year equal to the total of all amounts each of which is a predecessor corporation’s business limit for its taxation year that ended immediately before the amalgamation, and (iv) a qualifying income limit for the particular year equal to the total of all amounts each of which is a predecessor corporation’s qualifying income limit for its taxation year that ended immediately before the amalgamation; Cumulative offset account computation (pp) for the purpose of computing the cumulative offset account (within the meaning assigned by subsection 66.5(2)) of the new corporation at any time, there shall be added to the total otherwise determined under paragraph 66.5(2)(a) the total of all amounts each of which is the amount, if any, by which (i) a predecessor corporation’s cumulative offset account at the end of its last taxation year exceeds (ii) the amount deducted under subsection 66.5(1) in computing the predecessor corporation’s income for its last taxation year; Continuation of corporation (qq) for the purpose of computing the new corporation’s investment tax credit at the end of any taxation year, the new corporation is deemed to be the same corporation as, and a continuation of,