66 (1) Except as otherwise provided in this section, the tax payable under this Part by a corporation for a taxation year for which its taxable paid-up capital or its taxable paid-up capital employed in Canada, as the case may be, is determined under Division B or C is the amount calculated using the formula, A × B in which, “A” is the capital tax rate determined under subsection (1.1) for the corporation, and “B” is the amount of the corporation’s taxable paid-up capital or taxable paid-up capital employed in Canada, as the case may be, as determined under Division B or C. 2004, c. 31, Sched. 9, s. 32 (1). Capital tax rate (1.1) The capital tax rate for a corporation for a taxation year is the total of, (a) 0.3 per cent multiplied by the ratio of the number of days in the taxation year that are before January 1, 2007 to the total number of days in the taxation year; and (a.1)  Repealed:  2008, c. 7, Sched. E, s. 11 (1). (b) 0.225 per cent multiplied by the ratio of the number of days in the taxation year that are after December 31, 2006 and before January 1, 2009 to the total number of days in the taxation year. (c)  Repealed:  2008, c. 7, Sched. E, s. 11 (1). (d)  Repealed:  2007, c. 7, Sched. 6, s. 10 (1). 2004, c. 31, Sched. 9, s. 32 (1); 2006, c. 9, Sched. D, s. 2 (1); 2007, c. 7, Sched. 6, s. 10 (1); 2008, c. 7, Sched. E, s. 11 (1). No tax payable after December 31, 2008 (1.2) No tax is payable under this Part by a corporation that is not a financial institution for a taxation year ending after December 31, 2008.  2008, c. 7, Sched. E, s. 11 (2). Tax on bank subject to Division B (2) The tax payable under this Part by a bank for a taxation year for which its taxable paid-up capital is determined under Division B is 1.12 per cent of its taxable paid-up capital plus the amount, if any, payable by the bank for the taxation year under section 66.1.  1997, c. 43, Sched. A, s. 35 (1); 2004, c. 16, s. 2 (2). Tax on certain corporations subject to Division B (3) The tax payable under this Part by a corporation referred to in subsection 61 (4) for a taxation year for which its taxable paid-up capital is determined under Division B is 1 per cent of its taxable paid-up capital.  1997, c. 43, Sched. A, s. 35 (1); 2004, c. 16, s. 2 (2). Tax payable by a financial institution (4) The tax payable under this Part for a taxation year by a financial institution, other than a credit union, is calculated using the formula, [C × (D + E)] + F in which, “C” is the percentage of the taxable paid-up capital of the financial institution that is not deemed, under the prescribed rules, to be used by it in the taxation year in a jurisdiction other than Ontario, “D” is the amount calculated under subsection (4.1), “E” is the amount calculated under subsection (4.2) or (4.3), and “F” is the amount of tax, if any, payable for the taxation year under section 66.1. 2004, c. 31, Sched. 9, s. 32 (2). Same (4.1) The variable “D” in subsection (4) is calculated using the formula, G × H in which, “G” is the sum of, (a) 0.6 per cent multiplied by the ratio of the number of days in the taxation year that are before January 1, 2007 to the total number of days in the taxation year, and (b) 0.45 per cent multiplied by the ratio of the number of days in the taxation year that are after December 31, 2006 and before January 1, 2009 to the total number of days in the taxation year, and “H” is the amount that is the lesser of, (a) the adjusted taxable paid-up capital of the financial institution for the taxation year, as determined under Division B.1, and (b) the basic capital amount of the financial institution for the taxation year. 2004, c. 31, Sched. 9, s. 32 (2); 2006, c. 9, Sched. D, s. 2 (2); 2007, c. 7, Sched. 6, s. 10 (3); 2008, c. 7, Sched. E, s. 11 (3). Same (4.2) If the financial institution is a deposit-taking institution, as defined in subsection 66.1 (14), in the taxation year or is related in the taxation year to a deposit-taking institution, the variable “E” in subsection (4) is calculated using the formula, J × K in which, “J” is the sum of, (a) 0.9 per cent multiplied by the ratio of the number of days in the taxation year that are before January 1, 2007 to the total number of days in the taxation year, and (b) 0.675 per cent multiplied by the ratio of the number of days in the taxation year that are after December 31, 2006 and before January 1, 2009 to the total number of days in the taxation year, and “K” is the amount, if any, by which the adjusted taxable paid-up capital of the financial institution for the taxation year exceeds its basic capital amount for the taxation year. 2004, c. 31, Sched. 9, s. 32 (2); 2006, c. 9, Sched. D, s. 2 (3); 2007, c. 7, Sched. 6, s. 10 (4); 2008, c. 7, Sched. E, s. 11 (4). Same (4.3) If the financial institution is not a deposit-taking institution, as defined in subsection 66.1 (14), in the taxation year and is not related in the taxation year to a deposit-taking institution, the variable “E” in subsection (4) is calculated using the formula, L × K in which, “L” is the sum of, (a) 0.72 per cent multiplied by the ratio of the number of days in the taxation year that are before January 1, 2007 to the total number of days in the taxation year, and (b) 0.54 per cent multiplied by the ratio of the number of days in the taxation year that are after December 31, 2006 and before January 1, 2009 to the total number of days in the taxation year, and “K” is the amount, if any, by which the adjusted taxable paid-up capital of the financial institution for the taxation year exceeds its basic capital amount for the taxation year. 2004, c. 31, Sched. 9, s. 32 (2); 2006, c. 9, Sched. D, s. 2 (4); 2007, c. 7, Sched. 6, s. 10 (5); 2008, c. 7, Sched. E, s. 11 (5). No tax payable after December 31, 2008 by financial institution (4.4) No tax is payable under this Part by a financial institution for a taxation year ending after December 31, 2008.  2008, c. 7, Sched. E, s. 11 (6). Basic capital amount (5) A financial institution’s basic capital amount for a taxation year is the amount determined in accordance with the following rules: 1. If the financial institution is not related in the taxation year to another corporation that, i. is a financial institution, and ii. has a permanent establishment in Canada, its basic capital amount for the year is $400,000,000. 2. If the financial institution is related in the taxation year to another corporation that, i. is a financial institution, ii. has a permanent establishment in Canada, and iii. is not exempt by virtue of subsection 71 (1) from tax under this Part, its basic capital amount for the year is the amount determined by multiplying $400,000,000 by the ratio of the institution’s taxable capital employed in Canada for the taxation year for the purposes of Part I.3 of the Income Tax Act (Canada) to the total of the taxable capital employed in Canada for the purposes of Part I.3 of the Income Tax Act (Canada) of, iv. the institution for the taxation year, and v. each such related financial institution for its last taxation year ending before the end of the institution’s taxation year.  1997, c. 43, Sched. A, s. 35 (1); 1998, c. 34, s. 50; 2004, c. 16, s. 2 (2). Tax payable by credit union (6) The amount of tax payable under this Part by a credit union for a taxation year that ends after December 31, 1997 is the total of, (a) 0.05 per cent of the credit union’s taxable paid-up capital employed in Ontario for the taxation year, as determined under this Division, multiplied by the ratio of the number of days in the taxation year that are after December 31, 1997 and before January 1, 1999 to the total number of days in the taxation year; and (b) 0.1 per cent of the credit union’s taxable paid-up capital employed in Ontario for the taxation year, as determined under this Division, multiplied by the ratio of the number of days in the taxation year that are after December 31, 1998 and before May 5, 1999 to the total number of days in the taxation year.  1997, c. 43, Sched. A, s. 35 (1); 1999, c. 9, s. 87; 2004, c. 16, s. 2 (2). Taxable paid-up capital employed in Ontario (7) The taxable paid-up capital employed in Ontario for a taxation year of a financial institution that is a credit union is the amount determined by multiplying its adjusted taxable paid-up capital for the taxation year as determined under Division B.1 by the percentage of its taxable paid-up capital that is not deemed under the rules prescribed by the regulations to be used by it in the taxation year in a jurisdiction other than Ontario.  1997, c. 43, Sched. A, s. 35 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1992, c. 3, s. 13 - 25/06/1992; 1994, c. 14, s. 28 (1, 2) - 01/05/1992; 1997, c. 43, Sched. A, s. 35 (1-3) - 07/05/1997; 1998, c. 34, s. 50 - 07/05/1997; 1999, c. 9, s. 87 - 05/05/1999 2004, c. 16, s. 2 (2)
- 01/01/2004; 2004, c. 31, Sched. 9, s. 32 (1, 2) - 16/12/2004 2006, c. 9, Sched. D, s. 2 (1-4) - 01/04/2007 2007, c. 7, Sched. 6, s. 10 (1-6) - 17/05/2007 2008, c. 7, Sched. E, s. 11 (1-6) - 01/01/2007