51 (1) Except as hereinafter provided, section 137 of the Income Tax Act
(Canada) is applicable for the purposes of this Act.  R.S.O. 1990, c. C.40, s. 51 (1); 2004, c. 16, s. 2 (2). Exception (2) Subsection 137 (3) of the said Act is not applicable for the purposes of this Act.  R.S.O. 1990, c. C.40, s. 51 (2); 2004, c. 16, s. 2 (2). Application of Income Tax Act (Canada) s. 137 (4.3) (a) (3) In the application of paragraph 137 (4.3) (a) of the said Act for the purposes of this Act, the reference therein to “the amount deductible under section 125” is deemed to include an amount deemed by subsection 137 (4) of that Act to be an amount deductible or a deduction under section 125 of that Act.  R.S.O. 1990, c. C.40, s. 51 (3); 2004, c. 16, s. 2 (2). Additional deduction (4) There may be deducted from the tax otherwise payable under this Part for a taxation year by a corporation that was a credit union throughout the taxation year the amount, if any, calculated using the formula, A × (B – C) in which, “A” is the designated rate calculated under subsection (4.1) of the corporation for the taxation year, “B” is the lesser of, (a) the corporation’s taxable income for the taxation year, and (b) the amount, if any, by which 4/3 of the corporation’s maximum cumulative reserve at the end of the taxation year exceeds the corporation’s preferred-rate amount at the end of its preceding taxation year, and “C” is the corporation’s adjusted Ontario small business income for the taxation year as determined under subsection 43 (4). 2000, c. 10, s. 8 (1); 2004, c. 16, s. 2 (2); 2004, c. 31, Sched. 9, s. 25. Designated rate (4.1) The designated rate of a corporation for a taxation year is the total of, (a) 5.5 per cent multiplied by the ratio of the number of days in the taxation year before May 2, 2000 to the total number of days in the taxation year; (b) 7.5 per cent multiplied by the ratio of the number of days in the taxation year after May 1, 2000 and before October 1, 2001 to the total number of days in the taxation year; (c) 6.5 per cent multiplied by the ratio of the number of days in the taxation year after September 30, 2001 and before January 1, 2003 to the total number of days in the taxation year; (d) 7 per cent multiplied by the ratio of the number of days in the taxation year after December 31, 2002 and before January 1, 2004 to the total number of days in the taxation year; (e) 8.5 per cent multiplied by the ratio of the number of days in the taxation year after December 31, 2003 to the total number of days in the taxation year. (f)  Repealed:  2003, c. 7, s. 6 (1). (g)  Repealed:  2003, c. 7, s. 6 (2). 2000, c. 10, s. 8 (1); 2001, c. 8, s. 25 (1); 2001, c. 23, s. 35 (1-3); 2002, c. 22, s. 48; 2003, c. 7, s. 6; 2004, c. 16, s. 2 (2). Idem (5) For the purposes of subsection (4) and subsection 137 (4.3) of the Income Tax Act
(Canada), as made applicable by this section, in the calculation of a corporation’s deduction, if any, under subsection (4) in respect of the first taxation year for which it is entitled to a deduction under subsection (4), its preferred-rate amount at the end of its immediately preceding taxation year is deemed to be its preferred-rate amount at the end of the immediately preceding taxation year as determined for the purposes of subsection 137 (3) of the Income Tax Act (Canada).  R.S.O. 1990, c. C.40, s. 51 (5); 2004, c. 16, s. 2 (2). Application provision, 2000 Budget (6) Subsection (4), as it is re-enacted by the Taxpayer Dividend Act, 2000, applies with respect to taxation years ending after May 1, 2000.  2000, c. 10, s. 8 (2); 2004, c. 16, s. 2 (2). (7) Repealed:  2001, c. 23, s. 35 (4). Section Amendments with date in force (d/m/y) 1992, c. 3, s. 11 - 25/06/1992; 1997, c. 43, Sched. A, s. 25 - 18/12/1997 2000, c. 10, s. 8 (1, 2)
- 02/05/2000 2001, c. 8, s. 25 (1) - 01/01/2002; 2001, c. 8, s. 25 (2) - no effect - see 2001, c. 23, s. 35 (4)
- 01/10/2001; 2001, c. 23, s. 35 (1-4)
- 01/10/2001 2002, c. 22, s. 48
- 09/12/2002 2003, c. 7, s. 6 (1, 2)
- 01/01/2004 2004, c. 16, s. 2 (2)
- 01/01/2004; 2004, c. 31, Sched. 9, s. 25 - 16/12/2004 deposit insurance corporations