29 (1) Except as hereinafter provided, the rules provided in subdivision h of Division B of Part I of the Income Tax Act (Canada) are applicable for the purposes of this Act.  R.S.O. 1990, c. C.40, s. 29 (1); 2004, c. 16, s. 2 (2). Amalgamations consideration for resource property disposition (2) In lieu of the rule provided in paragraph 87 (2) (p) of the Income Tax Act (Canada) with respect to amalgamations, the following rule is applicable for the purposes of this Act: For the purpose of computing a deduction from the income of the new corporation for a taxation year under section 16 of the Corporations Tax Act, being chapter 97 of the Revised Statutes of Ontario, 1980, any amount that has been included in computing the income of a predecessor corporation for its last taxation year or a previous taxation year by virtue of clause 14 (3) (a) or (c) of the Corporations Tax Act, being chapter 97 of the Revised Statutes of Ontario, 1980, or subsection 18 (11) or (12) of that Act, or by virtue of subsection 58 (15) or (16) of The Corporations Tax Act as it read in its application to the taxation years prior to 1972, shall be deemed to have been included in computing the income of the new corporation for a previous taxation year by virtue thereof.  R.S.O. 1990, c. C.40, s. 29 (2); 2004, c. 16, s. 2 (2). Provisions of Income Tax Act (Canada), not applicable (3) Paragraphs 87 (2) (y.1), (z), (cc) and (pp) and 88 (1) (e.7) of the Income Tax Act
(Canada) are not applicable for the purposes of this Act.  R.S.O. 1990, c. C.40, s. 29 (3); 2004, c. 16, s. 2 (2). Application of Income Tax Act (Canada), s. 88 (1) (e.2) (4) Paragraph 88 (1) (e.2) of the Income Tax Act (Canada) shall, in its application for the purposes of this Act, be read without reference therein to paragraphs 87 (2) (y.1), (cc) and (pp) of the said Act, and as though the reference therein to paragraph 87 (2) (p) were a reference to subsection (2) of this section.  R.S.O. 1990, c. C.40, s. 29 (4); 2004, c. 16, s. 2 (2). “Minister” deemed to be Minister of National Revenue (5) The references to “Minister” in the following provisions of the Income Tax Act (Canada) are deemed to be references to the Minister of National Revenue for Canada for the purposes of this Act: 1. Subsection 85 (7.1). 2. The definition of “public corporation” in subsection 89 (1). 3. Subsection 89 (3).  2001, c. 23, s. 25 (1); 2004, c. 16, s. 2 (2). Time of election (6) In applying subsection 85 (6) of the Income Tax Act (Canada), the reference to “the earliest of the days” shall be read as “the latest of the days” in the situation where subsection 29.1 (4) or (5) applies to the corporations making the election under section 85 of that Act.  1997, c. 43, Sched. A, s. 10; 2001, c. 23, s. 25 (2); 2004, c. 16, s. 2 (2). Application of Income Tax Act (Canada), s. 86.1 (5) (7) In the application of subsection 86.1 (5) of the Income Tax Act (Canada), the reference to “subsections 152 (4) to (5)” is deemed to be a reference to subsection 80 (11) of this Act.  2001, c. 23, s. 25 (3); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. A, s. 10 - 06/05/1997 2001, c. 23, s. 25 (1)
- 01/12/1991; 2001, c. 23, s. 25 (2)
- 05/12/2001; 2001, c. 23, s. 25 (3)
- 01/01/1998 2004, c. 16, s. 2 (2)
- 01/01/2004