27 (1) Repealed:  2011, c. 9, Sched. 7, s. 6 (1). Repayment of tax credits (2) A labour sponsored investment fund corporation whose registration is revoked by the Minister shall immediately pay to the Minister an amount of money equal to the lesser of, (a) the sum of, (i) 15 per cent of the equity capital received by the corporation in respect of all Class A shares of the corporation, (A) that were then outstanding less than eight years immediately preceding the date of revocation, surrender of registration, winding-up or dissolution, and (B) that were issued on or before March 1, 2010, (ii) 10 per cent of the equity capital received by the corporation in respect of all Class A shares of the corporation, (A) that were then outstanding less than eight years immediately preceding the date of revocation, surrender of registration, winding-up or dissolution, and (B) that were issued after March 1, 2010 and on or before March 1, 2011, and (iii) 5 per cent of the equity capital received by the corporation in respect of all Class A shares of the corporation, (A) that were then outstanding less than eight years immediately preceding the date of revocation, surrender of registration, winding-up or dissolution, and (B) that were issued after March 1, 2011 and on or before February 29, 2012; and (b) the total amount that would be determined for the purposes of clause (a) if the equity capital received by the labour sponsored investment fund corporation on the issue of each of the shares had been an amount equal to the fair market value of the shares at the date of the revocation, surrender of registration, winding-up or dissolution, and not the amount of equity capital actually received by the corporation.  2004, c. 31, Sched. 7, s. 16 (1); 2009, c. 34, Sched. D, s. 5 (1). Repayment of tax credits re surrender of registration, wind up, etc. (2.1) A labour sponsored investment fund corporation that makes a request under section 26 to surrender its registration under this Act or that proposes to wind up or dissolve shall immediately pay to the Minister an amount of money equal to the sum of, (a) the total of all amounts, each of which is the amount in respect of a Class A share of the capital stock of the particular corporation originally acquired on or before March 1, 2010 and outstanding immediately before the particular time that is determined using the formula, A × B in which, “A” is, (a) if the original acquisition of the share was before May 7, 1996 and less than five years before the particular time, 4 per cent of the consideration received by the particular corporation for the issue of the share, (b) if the original acquisition of the share was after May 6, 1996 and less than eight years before the particular time, 1.875 per cent of the consideration received by the particular corporation for the issue of the share, or (c) in any other case, nil, and “B” is, (a) if the original acquisition of the share was before May 7, 1996, the number obtained when the number of whole years throughout which the share was outstanding before the particular time is subtracted from five, or (b) in any other case, the number obtained when the number of whole years throughout which the share was outstanding is subtracted from eight; (b) the total of all amounts, each of which is the amount in respect of a Class A share of the capital stock of the particular corporation originally acquired after March 1, 2010 and on or before March 1, 2011 and outstanding immediately before the particular time that is determined using the formula, C × D in which, “C” is 1.25 per cent of the consideration received by the particular corporation for the issue of the share, and “D” is the number obtained when the number of whole years throughout which the share was outstanding is subtracted from eight; and (c) the total of all amounts, each of which is the amount in respect of a Class A share of the capital stock of the particular corporation originally acquired after March 1, 2011 and on or before February 29, 2012 and outstanding immediately before the particular time that is determined using the formula, E × F in which, “E” is 0.625 per cent of the consideration received by the particular corporation for the issue of the share, and “F” is the number obtained when the number of whole years throughout which the share was outstanding is subtracted from eight. 2009, c. 34, Sched. D, s. 5 (2); 2011, c. 9, Sched. 7, s. 6 (2); 2017, c. 34, Sched. 8, s. 1. Exception (2.2) Subsection (2.1) does not apply if, (a) the request to surrender registration is related to a purchase or sale referred to in section 27.1; (b) the labour sponsored investment fund corporation notifies the Minister in writing after August 29, 2005 and before February 1, 2007 that it proposes to dissolve or wind up after that day and, (i) the request to surrender registration is made after the notice is given to the Minister, and (ii) the labour sponsored investment fund corporation no longer has any outstanding Class A shares at the time it surrenders its registration; or (c) the labour sponsored investment fund corporation notifies the Minister in writing after January 31, 2007 that it proposes to dissolve or wind up after that day and, (i) the request to surrender registration is made after the notice is given to the Minister, (ii) the labour sponsored investment fund corporation no longer has any outstanding Class A shares at the time it surrenders its registration, and (iii) the rules in subsection 27.2 (5) apply to the labour sponsored investment fund corporation.  2006, c. 9, Sched. C, s. 12. Repayment of grants, registration revoked (3) An Ontario commercialization investment fund whose registration is revoked by the Minister shall immediately pay to the Minister an amount of money equal to the total amount of all grants under Part III.2 received by the fund in respect of eligible investments made within the 48 months immediately preceding the date of revocation of registration.  2004, c. 31, Sched. 7, s. 16 (3). (4) Repealed:  2011, c. 9, Sched. 7, s. 6 (3). Same (4.1) If a person as the holder of a Class A share issued by a labour sponsored investment fund corporation receives an amount in respect of the reduction of the stated capital account attributable to the Class A shares, the person shall immediately pay to the Minister an amount of money equal to the sum of, (a) 20 per cent of the amount received in respect of Class A shares issued within the immediately preceding five years and before May 7, 1996; (b) 15 per cent of the amount received in respect of Class A shares issued within the immediately preceding eight years and within the period commencing May 7, 1996 and ending March 1, 2010; (c) 10 per cent of the amount received in respect of Class A shares issued within the immediately preceding eight years and within the period commencing March 2, 2010 and ending March 1, 2011; and (d) 5 per cent of the amount received in respect of Class A shares issued within the immediately preceding eight years and within the period commencing March 2, 2011 and ending February 29, 2012.  1997, c. 43, Sched. C, s. 17 (3); 2004, c. 16, s. 1 (2); 2009, c. 34, Sched. D, s. 5 (3). Liability of corporation (5) The investment corporation is jointly and severally liable with its shareholder for all amounts payable by the shareholder under this section and is entitled to deduct or withhold from any amount paid or payable to the shareholder or to otherwise recover from the shareholder all amounts paid by it under this section.  1997, c. 43, Sched. C, s. 17 (3); 2004, c. 16, s. 1 (2). Reduction of liability (6) An amount required by the articles of an investment corporation to be deducted and remitted to the Minister on the redemption of a Class A share of the corporation may be reduced by amounts paid under this section that may reasonably be considered to relate to the share being redeemed.  1997, c. 43, Sched. C, s. 17 (3); 2004, c. 16, s. 1 (2). Debt to the Crown (7) An amount required to be paid to the Minister under this Act is a debt due to the Crown in right of Ontario.  1992, c. 18, s. 27 (7); 2004, c. 16, s. 1 (2). Rebate of payments to the Minister (8) If the Minister is satisfied that an investor has not received all or part of the benefit of an investment corporation tax credit under the Income Tax Act, the Taxation Act, 2007 or a tax credit under section 127.4 of the Income Tax Act (Canada), the Minister may make a rebate or payment of all or part of any amount paid or payable to the Minister under this Act, in respect of Class A shares to which the tax credit relates, in such amount and to such person or persons as the Minister considers to be entitled to receive the rebate or payment.  1992, c. 18, s. 27 (8); 1997, c. 43, Sched. C, s. 23 (2); 1999, c. 9, s. 66 (3); 2004, c. 16, s. 1 (2); 2008, c. 19, Sched. V, s. 2 (21). Set-off (9) If an Ontario commercialization investment fund that is entitled to a grant under Part III.2 is liable or is about to become liable to make a payment to the Crown in right of Ontario, the Minister may apply all or part of the amount of the grant to that liability instead of paying the grant to the fund.  2004, c. 31, Sched. 7, s. 16 (4). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 90 - 20/05/1993; 1997, c. 43, Sched. C, s. 17 (1) - 7/05/1997; 1997, c. 43, Sched. C, s. 17 (2, 3) - 6/05/1996; 1997, c. 43, Sched. C, s. 23 - 7/05/1997; 1999, c. 9, s. 66 - 14/12/1999 2004, c. 16, s. 1 (2) - 1/01/2004; 2004, c. 31, Sched. 7, s. 16 (1, 3, 4) - 16/12/2004; 2004, c. 31, Sched. 7, s. 16 (2) - 18/05/2004 2006, c. 9, Sched. C, s. 12 - 29/08/2005 2008, c. 19, Sched. V, s. 2 (21) - 1/01/2009 2009, c. 34, Sched. D, s. 5 - 15/12/2009 2011, c. 9, Sched. 7, s. 6 - 12/05/2011 2017, c. 34, Sched. 8, s. 1 (1, 2) - 14/12/2017