18.2 (1) In this Part, “community sponsor” means an entity that may apply for registration of a community small business investment fund corporation under section 18.3; (“commanditaire communautaire”) “eligible aboriginal community” means, (a) a First Nation, or (b) an aboriginal community, other than a First Nation, that is designated for the purposes of this Act as an eligible aboriginal community by an order given by the Minister under subsection 18.3 (6); (“collectivité autochtone admissible”) “eligible business” means a taxable Canadian corporation or Canadian partnership that meets the criteria described in subsection (1.1) at the times specified in that subsection; (“entreprise admissible”) “eligible business activity” means a business that would be an active business carried on by a corporation for the purposes of section 125 of the Income Tax Act (Canada) if carried on by a corporation, but does not include, (a) a business the principal purpose of which is to derive income from real property, (b) a business the principal purpose of which is to derive income from property, including interest, dividends, rents or royalties, and (c) a business that would be a personal services business as defined in subsection 125 (7) of the Income Tax Act (Canada) if that definition were read without reference to paragraphs (c) and (d) of the definition; (“activité commerciale admissible”) “eligible investor” means, (a) a corporation registered under Part III as a labour sponsored investment fund corporation, (b) a qualifying financial institution or a specified corporation or insurance corporation related to the qualifying financial institution for the purposes of section 66.1 of the Corporations Tax Act or subdivision b of Division E of Part III of the Taxation Act, 2007, (b.1) an individual, a pension fund or a corporation that is not described in clause (a) or (b), or (c) a prescribed person or entity; (“investisseur admissible”) “First Nation” means a band as defined in the Indian Act (Canada); (“Première Nation”) “intellectual property” means a patent, licence, permit, know-how, commercial secret or other similar property constituting knowledge, including a trade mark, industrial design, copyright or other similar property constituting the expression of knowledge; (“propriété intellectuelle”) “qualifying debt obligation” means a debt obligation that, (a) if secured, is secured solely by a floating charge on the assets of the entity or by a guarantee given by an investment corporation, (b)  Repealed:  1999, c. 9, s. 57 (2). (c) does not restrict the entity by the terms of the debt obligation or by the terms of any agreement related to that obligation from incurring other debts, and (d) by its terms or by any agreement relating to that obligation is subordinate to all other debt obligations of the entity, other than debt obligations, if the entity is a corporation, that are prescribed to be small business securities for the purposes of paragraph (a) of the definition of “small business property” in subsection 206 (1) of the Income Tax Act (Canada); (“créance admissible”) “qualifying financial institution” means a corporation that is a deposit-taking institution for the purposes of section 66.1 of the Corporations Tax Act or subdivision b of Division E of Part III of the Taxation Act, 2007; (“institution financière autorisée”) “within the community” means, with respect to a community small business investment fund corporation or a community sponsor, (a) within the geographical limits of the municipality if the community sponsor is a municipality, (b) within the geographic limits of the reserve of the First Nation if the community sponsor is the council of a First Nation, (c) within the geographic limits of the territory designated by the Minister for an eligible aboriginal community, if the community sponsor has been designated a community sponsor for the eligible aboriginal community by an order given by the Minister under subsection 18.3 (6), (d) within the geographic limits of the territory designated by the Minister, if the community sponsor has been designated a community sponsor for territory without municipal organization by an order given by the Minister under subsection 18.3 (5), (e) if the community sponsor is a university, a college, an Ontario Centre of Excellence that is an eligible research institute for the purposes of section 97 of the Taxation Act, 2007, or a research institute affiliated with a university or hospital, (i) within a facility of the community sponsor, or (ii) within a place of business in Ontario where intellectual property developed by the community sponsor, or its faculty, staff or graduates, is used in eligible business activities, or (f) if a municipality and a university, college or research institute affiliated with a university or hospital are co-sponsors of a community small business investment fund corporation, (i) within the geographic limits of the municipality that is a co-sponsor, (ii) within a facility of the institutional co-sponsor, or (iii) within a place of business in Ontario where intellectual property developed by the institutional co-sponsor or by its faculty, staff or graduates is used in eligible business activities. (“dans la collectivité”)  1997, c. 43, Sched. C, s. 10; 1998, c. 34, s. 15 (1); 1999, c. 9, s. 57 (1-3); 2002, c. 22, s. 22; 2004, c. 16, s. 1 (2); 2008, c. 19, Sched. V, s. 2 (4-6). Eligible business (1.1) A taxable Canadian corporation or Canadian partnership must meet the following criteria in order to be an eligible business in relation to a community small business investment fund corporation: 1. When the community small business investment fund corporation makes an investment in the corporation or partnership, the sum of the following amounts must exceed 1.5: i. The percentage (expressed as a decimal fraction) that the wages and salaries paid by the corporation or partnership to employees employed in respect of its eligible business activities carried on within the community is of the total wages and salaries paid by it. ii. The percentage (expressed as a decimal fraction) that the value of the gross assets of the corporation or partnership that are used in its eligible business activities carried on within the community is of the value of its total gross assets. 2. When the community small business investment fund corporation makes its initial investment in the corporation or partnership, the value of the total gross assets of the corporation or partnership, together with the total gross assets of all related corporations and partnerships, must not exceed $1 million or such other amount as may be prescribed.  For the purposes of this paragraph, the value of the total gross assets must be calculated in the prescribed manner.  1999, c. 9, s. 57 (4); 2004, c. 16, s. 1 (2). Investment period (2) The investment period for investing in a corporation registered under this Part ends on the first anniversary of the date of registration of the corporation.  1999, c. 9, s. 57 (5); 2004, c. 16, s. 1 (2). (3) Repealed:  1999, c. 9, s. 57 (6). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 10 - 7/05/1997; 1998, c. 34, s. 15 (1) - 1/01/1998; 1999, c. 9, s. 57 - 14/12/1999 2002, c. 22, s. 22
- 9/12/2002 2004, c. 16, s. 1 (2) - 1/01/2004 2008, c. 19, Sched. V, s. 2 (4-6)  - 1/01/2009