57 (1) In this Division, a corporation’s adjusted net income for a taxation year is the amount, if any, by which “B” exceeds “C” where, “B” is the sum of, (a) the amount of the corporation’s net income, if any, for the year, (b) if the corporation would have been entitled to exclude a gain from its taxable income earned in Canada under subparagraph 110 (1) (f) (i) of the Federal Act in respect of the disposition of taxable Canadian property, the amount of any loss in respect of the disposition to the extent the loss has been taken into consideration in the calculation of the corporation’s net income or net loss, as the case may be, for the year, (c) all amounts included in the computation of the corporation’s income by reason of section 135 of the Federal Act, to the extent that the amounts have not been taken into consideration in the calculation of, (i) the corporation’s net income or net loss, as the case may be, for the taxation year or a previous taxation year ending after December 31, 2008, or (ii) the corporation’s net income or net loss, as the case may be, as determined under Part II.1 of the Corporations Tax Act, for a previous taxation year ending before January 1, 2009, and (d)  Repealed:  2008, c. 7, Sched. S, s. 15 (1). (e) such other amounts as may be determined in accordance with the regulations, and “C” is the sum of, (a) the amount of the corporation’s net loss, if any, for the year, (b) the total amount of the payments made pursuant to allocations in proportion to patronage to the extent that the amount is deductible under section 135 of the Federal Act in computing the corporation’s income for the year and has not been deducted in computing the corporation’s net income or net loss, as the case may be, for the year, (c) each of the following amounts to the extent it has been included in the computation of the corporation’s net income or net loss, as the case may be, for the year: (i) an amount received or receivable by the corporation during the taxation year that is deductible as an amount in respect of a dividend under section 112 or 113 or subsection 138 (6) of the Federal Act in determining the corporation’s taxable income for the taxation year in which the amount is received by the corporation, (ii) an amount in respect of a dividend received or receivable by the corporation during the year that is excluded under subsection 83 (2) of the Federal Act in the computation of the income of the corporation, (iii) if the corporation is entitled to exclude an amount from its taxable income earned in Canada under subparagraph 110 (1) (f) (i) of the Federal Act in respect of the disposition of taxable Canadian property, the amount of any gain in respect of the disposition, (iv) the amount, if any, of the corporation’s income for the year described in paragraph 81 (1) (c) of the Federal Act, (v) the amount of any gain in respect of the disposition of property by the corporation, if the disposition is described in subparagraph 38 (a.1) (i) or (a.2) (i) of the Federal Act, and (vi) the amount of any gain in respect of a disposition of property by the corporation that is described in subparagraph 38 (a.1) (iii) or paragraph 38 (a.3) of the Federal Act if the gift to a qualified donee for the purposes of that provision occurs on or after February 26, 2008, (d)  Repealed:  2008, c. 7, Sched. S, s. 15 (2). (e) an amount equal to three times the amount of tax payable by the corporation for the year under subsection 191.1 (1) of the Federal Act, and (f) such other amounts as may be determined in accordance with the regulations.  2007, c. 11, Sched. A, s. 57 (1); 2008, c. 7, Sched. S, s. 15; 2008, c. 19, Sched. U, s. 2; 2023, c. 21, Sched. 13, s. 3. Dividends (2) Despite subsection 54 (2), no dividend paid or payable by a corporation in a taxation year, other than an amount referred to in subsection 137 (4.1) of the Federal Act, shall be deducted in determining whether the corporation has, (a) a net income of nil or more for the year for the purposes of clause (a) of the definition of “B” in subsection (1); or (b) a net loss for the year for the purposes of clause (a) of the definition of “C” in subsection (1).  2007, c. 11, Sched. A, s. 57 (2). Adjusted net loss (3) In this Division, a corporation’s adjusted net loss for a taxation year is the amount, if any, by which the amount of “C” as determined for the year under subsection (1) exceeds the amount determined as “B” for the year under that subsection.  2007, c. 11, Sched. A, s. 57 (3). Interest (4) In computing its adjusted net income or adjusted net loss for a taxation year under subsection (1) or (3), a corporation may deduct the amount of any interest paid or payable by the corporation that is included in an amount deducted or deductible by the corporation in the year under paragraph 20 (1) (c) or (d) of the Federal Act to the extent that the amount of interest has not been deducted in computing the corporation’s net income or net loss under subsection 54 (2).  2007, c. 11, Sched. A, s. 57 (4). Corporate partner (5) If a corporation is a partner in a partnership during a fiscal period of the partnership that ends in a taxation year of the corporation, (a) the corporation’s adjusted net income for the taxation year includes the product of, (i) the corporation’s percentage share in the partnership for the fiscal period, and (ii) the partnership’s adjusted net income for the fiscal period; or (b) the corporation’s adjusted net loss for the year includes the product of, (i) the corporation’s percentage share in the partnership for the fiscal period, and (ii) the partnership’s adjusted net loss for the fiscal period.  2007, c. 11, Sched. A, s. 57 (5). Adjusted net income or loss of partnership (6) The adjusted net income or adjusted net loss of a partnership is computed for the purposes of this Division under the provisions of this Division, with such modifications as are necessary, as if the partnership were a corporation and the taxation year of the partnership were its fiscal period.  2007, c. 11, Sched. A, s. 57 (6). Same (7) Despite subsection (6), no amount shall be deducted or included more than once in the calculation of the adjusted net income or adjusted net loss of a corporation that is a member of a partnership.  2007, c. 11, Sched. A, s. 57 (7). Section Amendments with date in force (d/m/y) 2008, c. 7, Sched. S, s. 15 - 01/01/2008; 2008, c. 19, Sched. U, s. 2 - 01/01/2009 2023, c. 21, Sched. 13, s. 3 - 04/12/2023