53 (1) A corporation may, in computing the amount of its tax payable under this Division for a taxation year, deduct a corporate minimum tax credit equal to the least of the following amounts: 1. The amount of the corporation’s corporate minimum tax account for the year. 2. The amount, if any, by which “A” exceeds “B” where, “A” is the amount that would be the corporation’s tax payable under this Division for the year if this Act were read without reference to this section, and “B” is the total amount that would be deemed by subsection 84 (1) to be paid on account of the corporation’s tax payable under this Act for the year if that subsection were read without reference to paragraph 1. 3. The amount, if any, by which “A” exceeds “C” where, “A” has the same meaning as in paragraph 2, and “C” is the amount equal to, (a) in the case of a corporation that is not a life insurance corporation, the amount, if any, by which the corporation’s corporate minimum tax for the year determined under Division C, before any deduction permitted under subsection 56 (2), exceeds the amount, if any, of the corporation’s foreign tax credit for the year for the purposes of that Division as determined under section 59, or (b) in the case of a life insurance corporation, the greater of, (i)  the corporation’s corporate minimum tax for the year determined under Division C, before any deduction permitted under subsection 56 (2), and (ii)  the amount determined to be “A” in subsection 63 (1).  2007, c. 11, Sched. A, s. 53 (1). Corporate minimum tax account (2) The amount of a corporation’s corporate minimum tax account for a taxation year is determined as follows: 1. If the corporation is not a life insurance corporation, the amount of the corporation’s corporate minimum tax account for the year is the sum of all amounts each of which is, i. the amount of corporate minimum tax payable by the corporation under Part II.1 of the Corporations Tax Act for a previous taxation year that ends before March 23, 2007 and is not earlier than the designated taxation year determined under subsection (3), to the extent that the tax has not been deducted under section 43.1 of the Corporations Tax Act or this section in determining the amount of tax payable by the corporation for a previous taxation year under Part II of the Corporations Tax Act or this Division, or ii. the amount of corporate minimum tax payable by the corporation under Part II.1 of the Corporations Tax Act or Division C of this Part for a previous taxation year that ends after March 22, 2007 and is not earlier than the 20th taxation year before the taxation year, to the extent that the tax has not been deducted under section 43.1 of the Corporations Tax Act or this section in determining the amount of tax payable by the corporation for a previous taxation year under Part II of the Corporations Tax Act
or this Division. 2. If the corporation is a life insurance corporation, the amount of the corporation’s corporate minimum tax account for the year is the sum of all amounts each of which is, i. the amount determined under subsection (4) in respect of a previous taxation year that ends before March 23, 2007 and is not earlier than the designated taxation year determined under subsection (3), to the extent that the amount has not been deducted under section 43.1 of the Corporations Tax Act or this section in determining the amount of tax payable by the corporation for a previous taxation year under Part II of the Corporations Tax Act or this Division, or ii. the amount determined under subsection (4) in respect of a previous taxation year that ends after March 22, 2007 and is not earlier than the 20th taxation year before the taxation year, to the extent that the amount has not been deducted under section 43.1 of the Corporations Tax Act or this section in determining the amount of tax payable by the corporation for a previous taxation year under Part II of the Corporations Tax Act or this Division.  2007, c. 11, Sched. A, s. 53 (2). Designated taxation year (3) For the purposes of subparagraphs 1 i and 2 i of subsection (2), the designated taxation year of a corporation in respect of a particular taxation year of the corporation is the previous taxation year of the corporation that is the later of, (a) the 20th taxation year of the corporation before the particular taxation year; and (b) the 10th taxation year of the corporation before its first taxation year ending after December 31, 2008.  2007, c. 11, Sched. A, s. 53 (3). Life insurance corporations (4) For the purposes of subparagraphs 2 i and ii of subsection (2), the amount determined in respect of a previous taxation year is the amount, if any, by which “A.1” exceeds “B.1” where, “A.1” is, (a) if the previous year ended after December 31, 2008, the greater of, (i) the corporation’s corporate minimum tax for the previous year, as determined under Division C of this Part, before any deduction permitted under subsection 56 (2), and (ii) the amount determined as “A” in subsection 63 (1) in respect of the corporation for the previous year, or (b) if the previous year ended before January 1, 2009, the corporation’s corporate minimum tax for the previous year, as determined under Part II.1 of the Corporations Tax Act, before any deduction permitted under subsection 57.3 (2) of that Act, and “B.1” is, (a) if the previous year ended after December 31, 2008, the amount of tax payable for that year under this Division after all deductions from tax to which the corporation is entitled for that year other than a deduction under this section, or (b) if the previous year ended before January 1, 2009, the greater of, (i) the amount that would be determined in respect of the corporation for that year under clause 74.1 (1) (a) of the Corporations Tax Act, and (ii) the amount of tax payable for that year under Part II of the Corporations Tax Act after all deductions from tax to which the corporation is entitled for that year other than a deduction permitted under any of sections 43.1 to 43.13 of the Corporations Tax Act.  2007, c. 11, Sched. A, s. 53 (4). Same (5) The following rules apply in determining the amount of a corporation’s corporate minimum tax account for a taxation year: 1. Tax payable under Part II.1 of the Corporations Tax Act or under Divisions C and D of this Part for a particular taxation year that is otherwise included in the account is deductible before any tax payable under that Part or those Divisions for later years. 2. If there has been an amalgamation of corporations to which section 87 of the Federal Act applies, the amalgamated corporation is deemed to be the same corporation as and a continuation of each predecessor corporation for the purposes of determining an amount of tax under Part II.1 of the Corporations Tax Act
or Division C or D of this Part that was, i. deducted under section 43.1 of the Corporations Tax Act or this section, or ii. payable by the amalgamated corporation for a previous taxation year. 3. If the rules in subsection 88 (1) of the Federal Act apply to the winding-up of a subsidiary corporation, its parent corporation is deemed to be the same corporation as and a continuation of the subsidiary corporation for the purposes of determining an amount of tax under Part II.1 of the Corporations Tax Act
or Division C or D of this Part that was, i. deducted under section 43.1 of the Corporations Tax Act or this section, or ii. payable by the parent corporation for a previous taxation year. 4. Subject to paragraphs 5 and 6, if the conditions described in paragraphs 142.7 (12) (a) and (b) of the Federal Act apply in respect of the winding-up of a Canadian affiliate of an entrant bank (within the meaning of subsection 142.7 (1) of that Act) or in respect of the dissolution of a Canadian affiliate of an entrant bank under a dissolution order (within the meaning of subsection 142.7 (12) of that Act), the entrant bank is deemed to be the same corporation as, and a continuation of, the Canadian affiliate for the purposes of determining an amount of tax under Part II.1 of the Corporations Tax Act or Division C or D of this Part that was, i. deducted under section 43.1 of the Corporations Tax Act or this section, or ii. payable by the entrant bank for a previous taxation year. 5. Paragraph 4 does not apply unless, i. before the later of the date determined under paragraph 142.7 (11) (b) of the Federal Act and June 14, 2005, A. the entrant bank and the Canadian affiliate jointly elected that paragraph 4 of this subsection or paragraph 4 of subsection 43.1 (4) of the Corporations Tax Act applies, if the Canadian affiliate had not been wound up or dissolved before the election was made, or B. the entrant bank elected that paragraph 4 of this subsection or paragraph 4 of subsection 43.1 (4) of the Corporations Tax Act
applies, if the Canadian affiliate had been wound up or dissolved and had ceased to exist before the election was made, or ii. the entrant bank and the Canadian affiliate jointly elected under paragraph 142.7 (12) (c) of the Federal Act to have section 142.7 of that Act apply. 6. Paragraph 4 applies only to, i. taxation years for which an election by the affiliate and bank under paragraph 142.7 (12) (c) of the Federal Act applies or to which section 142.7 of that Act would have applied if an election had been made under paragraph 142.7 (12) (c) of that Act, and ii. previous taxation years in which a corporate minimum tax credit was earned under section 43.1 of the Corporations Tax Act or under this section.  2007, c. 11, Sched. A, s. 53 (5). Acquisition of control (6) Except as permitted under subsection (7), no amount is deductible under this section by a corporation for a taxation year ending after control of the corporation is acquired by a person or group of persons to the extent the amount is in respect of the corporation’s tax payable under Part II.1 of the Corporations Tax Act or Division C or D of this Part for a taxation year ending before the acquisition of control.  2007, c. 11, Sched. A, s. 53 (6). Exception (7) If a corporation carried on a business in a taxation year ending before control of the corporation was acquired by a person or group of persons, an amount in respect of its tax payable under Part II.1 of the Corporations Tax Act or Division C or D of this Part for that year is deductible by the corporation for a taxation year ending after the acquisition of control, but only if the same business was carried on by the corporation for profit or with a reasonable expectation of profit throughout that year and only to the extent of the amount calculated using the formula, D × (E – F)/G in which, “D” is the amount determined under paragraph 3 of subsection (1) in respect of the corporation for that year, “E” is the total of the corporation’s income for that year from that business and, if properties were sold, leased, rented or developed or services were rendered in the course of carrying on that business before that time, its income for that year from any other business substantially all of the income of which was derived from the sale, leasing, rental or development, as the case may be, of similar properties or the rendering of similar services, “F” is the total of all amounts each of which is an amount deducted under paragraph 111 (1) (a) or (d) of the Federal Act in computing its taxable income or taxable income earned in Canada, as the case may be, for that year in respect of a non-capital loss or a farm loss, as the case may be, for a taxation year in respect of that business or the other business, and “G” is the greater of, (a) the amount, if any, by which “E” exceeds “F”, and (b) the corporation’s taxable income or taxable income earned in Canada, as the case may be, for that year. 2007, c. 11, Sched. A, s. 53 (7). Subdivision f — Political Contributions Tax Credit