jswizzle3737/ontario_laws_and_regs huggingface dataset:
57.7 The rate of corporate minimum tax payable by a corporation for a taxation year under this Part is the total of, (a) 2 per cent multiplied by the ratio of the number of days in the taxation year that are in 1994 to the total number of days in the taxation year; (b) 3 per cent multiplied by the ratio of the number of days in the taxation year that are in 1995 to the total number of days in the taxation year; and (c) 4 per cent multiplied by the ratio of the number of days in the taxation year that are in 1996 or any subsequent year to the total number of days in the taxation year.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 21 (1, 2) - 01/01/1994 2004, c. 16, s. 2 (2)
- 01/01/2004
57.8 For the purposes of this Part, a corporation’s foreign tax credit for a taxation year is the amount that would be determined for the taxation year under section 40 if the reference in subsection 40 (1) to the tax otherwise payable by the corporation under Part II for the taxation year were read as a reference to the amount of the corporation’s corporate minimum tax for the taxation year determined under this Part before any deduction permitted under subsection 57.3 (2).  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 21 (1, 2) - 01/01/1994 2004, c. 16, s. 2 (2)
- 01/01/2004
57.9 (1) If during a taxation year a corporation has disposed of property to another corporation or acquired property from another corporation and both corporations have jointly elected under section 85 of the Income Tax Act
(Canada) to have the rules in that section apply, or if section 85.1 of that Act applies to the disposition, both corporations may jointly elect in the form approved by the Minister to have the rules prescribed by regulation apply for the purposes of this Part.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Same (2) If during a taxation year a corporation has disposed of property to a partnership or acquired property from a partnership and the corporation and all of the members of the partnership have jointly elected under section 85 or 97, as the case may be, of the Income Tax Act (Canada) to have the rules of that section apply, the corporation and all of the members of the partnership may jointly elect in the form approved by the Minister to have the rules prescribed by regulation apply for the purposes of this Part.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Application (3) This section applies in respect of dispositions and acquisitions of property by a corporation at any time during or after the last three taxation years of the corporation ending before the corporation’s first taxation year commencing after 1993.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Time of election (4) An election under subsection (1) or (2) must be made on or before the day that is the earliest of the days on or before which any corporation making the election is required to file a return under this Act for the taxation year in which the disposition or acquisition occurred.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Exception (5) If no corporation making the election is liable to pay tax under this Part for the taxation year in which the transaction occurred, the election may be made on or before the day that is the earliest of the days on or before which any corporation making the election is required to file a return under this Act for the first taxation year ending after the transaction for which the corporation is liable to pay tax under this Part.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 21 (1, 2) - 01/01/1994 2004, c. 16, s. 2 (2)
- 01/01/2004
57.9.1 (1) In this section, “Canadian affiliate” has the same meaning as in subsection 142.7 (1) of the Income Tax Act (Canada); (“filiale canadienne”) “entrant bank” has the same meaning as in subsection 142.7 (1) of the Income Tax Act (Canada). (“banque entrante”)  2002, c. 22, s. 50; 2004, c. 16, s. 2 (2). Joint election (2) If during a taxation year a Canadian affiliate has disposed of property to an entrant bank and both corporations have jointly elected under subsection 142.7 (3) of the Income Tax Act (Canada) to have the rules in that subsection apply, the Canadian affiliate and the entrant bank may jointly elect in the form approved by the Minister to have the rules prescribed by regulation apply for the purposes of this Part.  2002, c. 22, s. 50; 2004, c. 16, s. 2 (2). Application (3) This section applies in respect of dispositions made after June 27, 1999.  2002, c. 22, s. 50; 2004, c. 16, s. 2 (2). Time of election (4) An election under subsection (2) must be made on or before the day that is the later of, (a) December 31, 2005; and (b) the earliest of the days on or before which the Canadian affiliate or the entrant bank is required to file a return under this Act for the taxation year in which the disposition occurred.  2002, c. 22, s. 50; 2004, c. 16, s. 2 (2); 2005, c. 31, Sched. 5, s. 12 (1). Exception (5) If neither the Canadian affiliate nor the entrant bank is liable to pay tax under this Part for the taxation year in which the disposition occurred, the election may be made on or before the day that is the later of, (a) December 31, 2005; and (b) the earliest of the days on or before which the entrant bank or Canadian affiliate is required to file a return under this Act for the first taxation year ending after the disposition for which the entrant bank or Canadian affiliate is liable to pay tax under this Part.  2002, c. 22, s. 50; 2004, c. 16, s. 2 (2); 2005, c. 31, Sched. 5, s. 12 (2). Section Amendments with date in force (d/m/y) 2002, c. 22, s. 50
- 28/06/1999 2004, c. 16, s. 2 (2)
- 01/01/2004 2005, c. 31, Sched. 5, s. 12 (1, 2) - 15/12/2005
57.10 (1) If at any time in a taxation year an amount has become receivable by a corporation as proceeds of disposition of a capital property and the corporation has elected under subsection 13 (4) or 14 (6) or section 44 of the Income Tax Act (Canada) to have the rules in either of those provisions apply, the corporation may elect to have the rules prescribed by regulation apply for the purposes of this Part.  1994, c. 14, s. 21 (1); 1997, c. 43, Sched. A, s. 27; 2004, c. 16, s. 2 (2). Application (2) This section applies in respect of amounts that have become receivable by a corporation as proceeds of disposition of a capital property at any time during or after the last three taxation years of the corporation ending before the corporation’s first taxation year commencing after 1993.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Time of election (3) An election under subsection (1) must be made in the corporation’s return under this Act for the year in which it acquired a property which is a replacement property for the purposes of subsection 13 (4) or section 44, as applicable, of the Income Tax Act (Canada).  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Exception (4) If the corporation making the election is not liable to pay tax under this Part for the taxation year in which the replacement property was acquired, the election may be made in the corporation’s return under this Act for the first taxation year ending after the replacement property was acquired for which the corporation is liable to pay tax under this Part.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 21 (1, 2) - 01/01/1994; 1997, c. 43, Sched. A, s. 27 - 01/01/1994 2004, c. 16, s. 2 (2)
- 01/01/2004
57.11 No tax is payable under this Part by a corporation for a taxation year if, (a) no tax under Part II is payable by the corporation for the taxation year by reason of section 57; (b) the corporation is throughout the taxation year, (i) an investment corporation referred to in section 46, (ii) a mortgage investment corporation referred to in section 47, (iii) a mutual fund corporation referred to in section 48, (iv) a non-resident-owned investment corporation referred to in section 49, (v) a congregation or business agency to which section 143 of the Income Tax Act (Canada) applies, or (vi) a deposit insurance corporation referred to in section 52; or (c) the corporation is subject to tax under Part II only by virtue of clause 2 (2) (c).  1994, c. 14, s. 21 (1); 1996, c. 1, Sched. B, s. 8 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 21 (1, 2) - 01/01/1994; 1996, c. 1, Sched. B, s. 8 (1, 2) - 01/01/1994 2004, c. 16, s. 2 (2)
- 01/01/2004
57.12 (1) Unless a contrary intention is evident, no provision of this Part shall be read or construed to require the inclusion or to permit the deduction in computing the amount of a corporation’s net income, net loss, adjusted net income, adjusted net loss or pre-1994 loss of any amount to the extent that the amount has been otherwise included or deducted, as the case may be, in computing the amount under this Part.  1994, c. 14, s. 21 (1); 1996, c. 29, s. 56; 2004, c. 16, s. 2 (2). Same (2) In computing the net income, net loss, adjusted net income, adjusted net loss or pre-1994 loss, no deduction shall be made in respect of a reserve, outlay or expense in respect of which any amount is otherwise deductible under this Part, except to the extent the reserve, outlay or expense, as the case may be, was reasonable in the circumstances.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 21 (1, 2) - 01/01/1994; 1996, c. 29, s. 56 - 01/01/1994 2004, c. 16, s. 2 (2)
- 01/01/2004 Part II.2   Ontario Tax Exemption for Commercialization Definitions and interpretation
57.14 (1) A corporation that is a qualifying corporation for a taxation year is entitled to a refund under this Part for the year equal to the amount of its Ontario tax exemption for commercialization for the year if the requirements of this Part are satisfied.  2008, c. 24, s. 1. Amount of the exemption (2) Subject to subsection (3), the amount of a corporation’s Ontario tax exemption for commercialization for a taxation year is equal to the sum of, (a) the amount of tax payable and paid by the corporation under Part II for the year after claiming all deductions to which it is entitled for the year under sections 39 to 41, 43, 43.1 and 43.3 to 43.13; and (b) the amount of tax payable and paid by the corporation under Part II.1 for the year.  2008, c. 24, s. 1. Nil exemption (3) The amount of a corporation’s Ontario tax exemption for commercialization for a taxation year is nil if, (a) the corporation has not claimed the maximum amount of all deductions and allowances to which it is entitled under this Act and the
Income Tax Act (Canada) in computing its income and taxable income for the taxation year and for each of its previous taxation years; (b) the corporation is or has been, at any time since it was incorporated, associated with another corporation within the meaning of section 256 of the Income Tax Act (Canada) if paragraphs 256 (1) (c), (d) and (e) of that Act were read without reference to “other than a specified class”; (c) the corporation is or has been, at any time since it was incorporated, related to another corporation within the meaning of section 251 of the Income Tax Act (Canada); (d) control of the corporation is acquired directly or indirectly in any manner whatever during the period commencing March 25, 2012 and ending at the end of the corporation’s 10th taxation year after it was incorporated; (e) the Minister of Research and Innovation notifies the corporation that it is ineligible to receive a certificate of eligibility under this Part or that the Minister of Research and Innovation has revoked the certificate of eligibility issued to the corporation for the year; or (f) during the taxation year or a previous taxation year, the corporation sold all or substantially all of the property it used in carrying on an eligible commercialization business.  2008, c. 24, s. 1. Exception re associated corporations (4) Clause (3) (b) does not apply if the corporation that was associated with the qualifying corporation was, at all times while it was associated with the qualifying corporation, (a) a qualifying institute; or (b) a corporation that is prescribed by the Minister of Finance or that satisfies conditions prescribed by the Minister of Finance.  2008, c. 24, s. 1. Exception re related corporations (5) Clause (3) (c) does not apply if the corporation that was related to the qualifying corporation was, at all times while it was related to the qualifying corporation, (a) a qualifying institute; or (b) a corporation that is prescribed by the Minister of Finance or that satisfies conditions prescribed by the Minister of Finance.  2008, c. 24, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 24, s. 1 - 10/12/2008
57.15 (1) To be eligible to apply for a refund under this Part, a qualifying corporation must apply for, be eligible to receive and receive a certificate of eligibility for the year issued by the Minister of Research and Innovation.  2008, c. 24, s. 1. Application (2) An application for a certificate of eligibility for a taxation year shall be made to the Minister of Research and Innovation after the end of the year to which it relates, in a form approved by the Minister of Research and Innovation.  2008, c. 24, s. 1. Additional information or records (3) A corporation applying for a certificate of eligibility shall provide such additional information and records as the Minister of Research and Innovation may specify in order to evaluate the application.  2008, c. 24, s. 1. Criteria for issuing certificate of eligibility (4) The Minister of Research and Innovation may issue a certificate of eligibility to the corporation for the year if he or she is satisfied that the corporation carried on an eligible commercialization business during the year.  2008, c. 24, s. 1. Failure to satisfy all criteria (5) If, after reviewing the application and all other relevant information and records, the Minister of Research and Innovation is of the opinion that the corporation has failed to satisfy the criteria set out in subsection (4), the Minister of Research and Innovation shall notify the corporation in writing of his or her decision not to issue the certificate and the reasons for the decision.  2008, c. 24, s. 1. Revocation of certificate (6) If, at any time after issuing a certificate of eligibility to a corporation, the Minister of Research and Innovation subsequently determines that the corporation failed to satisfy the criteria set out in subsection (4), the Minister of Research and Innovation may, (a) revoke the certificate; and (b) notify the corporation and the Minister of Revenue of the revocation of the certificate and the reasons for the revocation.  2008, c. 24, s. 1. Decision not to issue or to revoke certificate is final (7) The decision of the Minister of Research and Innovation not to issue a certificate of eligibility to a corporation for a taxation year or to revoke a certificate of eligibility previously issued to the corporation for the year is final and conclusive, and Divisions E and F of Part V do not apply in respect of the decision.  2008, c. 24, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 24, s. 1 - 10/12/2008
57.16 A corporation may request from the Minister of Research and Innovation at any time before the end of its first taxation year after incorporation a preliminary determination of the following matters, but no preliminary determination made under this section is binding on the Minister of Research and Innovation: 1. Whether the proposed business of the corporation would be an eligible commercialization business. 2. Whether property to be owned or used by the corporation in the proposed business is eligible intellectual property. 3. Whether a particular entity is a qualifying institute.  2008, c. 24, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 24, s. 1 - 10/12/2008
57.18 (1) If, after a refund under this Part is paid to a corporation, it is subsequently determined that the corporation received a refund to which it was not entitled or received an amount greater than the amount of the refund to which it is entitled, the corporation shall, (a) repay the amount or the excess amount, as the case may be, to the Minister of Revenue; and (b) pay interest to the Minister of Revenue on the amount or excess amount, as the case may be, computed under this Act as if the amount or excess amount were tax payable under Part II or II.1 from the day the amount or excess amount was paid to the corporation to the day it is repaid to the Minister of Revenue.  2008, c. 24, s. 1. Exception re: interest (2) Despite clause (1) (b), interest shall not be payable by a corporation where the amount or excess amount determined under subsection (1) is the result of the corporation claiming a deduction under section 111 of the Income Tax Act (Canada), as made applicable by section 34 of this Act, in respect of a loss for a subsequent taxation year.  2008, c. 24, s. 1. Collection (3) All amounts repayable and payable to the Minister of Revenue under subsection (1) constitute a debt to the Crown and may be recovered by way of deduction or set-off or may be recovered in any court of competent jurisdiction in proceedings commenced at any time.  2008, c. 24, s. 1. No time limit (4) Section 80 does not apply with respect to any amount repayable to the Minister of Revenue under this Part, and an amount repayable to the Minister of Revenue under this Part is deemed to be taxes owing to the Crown for the purposes of clause 16 (1) (i) of the Limitations Act, 2002.  2008, c. 24, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 24, s. 1 - 10/12/2008
57.19 A corporation that applies for a certificate of eligibility or a refund under this Part for a taxation year when it knew or ought to have known that it is not eligible for a refund under this Part for the year is guilty of an offence and is liable on conviction to a fine of up to twice the sum of, (a) the amount of tax payable by the corporation for the year under Part II; and (b) the amount of tax payable by the corporation for the year under Part II.1.  2008, c. 24, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 24, s. 1 - 10/12/2008
57.20 (1) With the approval of the Lieutenant Governor in Council, the Minister of Revenue may, on behalf of the Crown in right of Ontario, enter into an agreement with the Crown in right of Canada under which the Canada Revenue Agency will exercise powers and duties of the Minister of Revenue and the Minister of Research and Innovation for the purposes of this Part.  2008, c. 24, s. 1. Effect of agreement (2) If an agreement under subsection (1) is entered into, the Canada Revenue Agency, on behalf of and as agent of the Minister of Revenue and the Minister of Research and Innovation, is authorized, subject to the provisions of the agreement, to exercise the powers and perform the duties under this Part of the Minister of Revenue and the Minister of Research and Innovation to which the agreement applies.  2008, c. 24, s. 1. Payment of fees under agreement (3) All fees and other amounts payable to the Canada Revenue Agency under an agreement entered into under subsection (1) are a charge on and payable out of the Consolidated Revenue Fund.  2008, c. 24, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 24, s. 1 - 10/12/2008
57.21 (1) The Lieutenant Governor in Council may make regulations defining any word or expression used in this Part that is not already expressly defined in this Act.  2008, c. 24, s. 1. Same (2) The Minister of Finance may make regulations, (a) prescribing anything referred to in this Part as prescribed by the Minister of Finance; (b) governing the provision of such information by corporations as may be required for the purpose of administering and enforcing this Part.  2008, c. 24, s. 1. Section Amendments with date in force (d/m/y) 2008, c. 24, s. 1 - 10/12/2008 PART III   CAPITAL TAX Division A — Liability for Capital Tax
58 (1) Except as otherwise provided in this Part, every corporation referred to in subsection 2 (1) or (2) is liable to pay to the Crown in right of Ontario a tax in respect of its capital for each taxation year as determined under this Part, (a) in the case of a corporation to which subsection 2 (1) applies, other than a financial institution, calculated by reference to its taxable paid-up capital for each taxation year, determined in accordance with Division B of this Part; (b) in the case of a corporation to which subsection 2 (1) applies that is a financial institution for a taxation year, calculated by reference to its adjusted taxable paid-up capital for each taxation year that it is a financial institution, determined in accordance with Division B.1 of this Part; and (c) in the case of a corporation to which clause 2 (2) (a) or (b) applies, calculated by reference to its taxable paid-up capital employed in Canada for each taxation year, determined in accordance with Division C of this Part.  1997, c. 43, Sched. A, s. 28 (1); 2004, c. 16, s. 2 (2). Financial institution (2) A corporation is a financial institution for a taxation year for the purposes of this Part if at any time during the taxation year, (a) it is a bank; (b) it is authorized under the laws of Canada or a province to carry on the business of offering its services as a trustee to the public; (c) it is authorized under the laws of Canada or a province to accept deposits from the public, and carries on the business of lending money on the security of real estate or investing in mortgages on real estate; (d) it is a registered securities dealer; (e) it is a mortgage investment corporation; (f) it is a credit union, other than a central credit union or league prescribed by the regulations; or (g) it is a corporation prescribed by the regulations.  1997, c. 43, Sched. A, s. 28 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 22 (1, 2) - 01/01/1994; 1997, c. 43, Sched. A, s. 28 (1-3) - 07/05/1997 2004, c. 16, s. 2 (2)
- 01/01/2004
59 Except as otherwise provided in this Part, the taxable paid-up capital of a corporation shall be measured as at the close of the taxation year for which the tax imposed by section 58 is levied and is its taxable paid-up capital determined under Division B or B.1 of this Part.  R.S.O. 1990, c. C.40, s. 59; 1994, c. 14, s. 23; 1997, c. 43, Sched. A, s. 29; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 23 - 20/05/1993; 1997, c. 43, Sched. A, s. 29 - 07/05/1997 2004, c. 16, s. 2 (2)
- 01/01/2004
60 The taxable paid-up capital of a corporation that is liable to the taxes imposed under this Act by virtue of clause 2 (2) (a) or (b), referred to in this Part as “taxable paid-up capital employed in Canada”, shall be measured as at the close of the taxation year for which the tax imposed by section 58 is levied and is its taxable paid-up capital employed in Canada determined under Division C of this Part.  R.S.O. 1990, c. C.40, s. 60; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 2 (2)
- 01/01/2004
60.1 (1) Despite sections 59 and 60, if a corporation has transferred or disposed of, directly or indirectly, one or more of its assets as part of a transaction, event or series of transactions or events to one or more persons or partnerships that did not deal at arm’s length with the corporation immediately after the transfer, and the asset or assets had an aggregate carrying value to the corporation immediately before the transfer that exceeded both $10,000,000 and 25 per cent of the carrying value of the corporation’s total assets immediately before the transfer, the Minister may require the corporation to measure its adjusted taxable paid-up capital, its taxable paid-up capital or its taxable paid-up capital employed in Canada, as the case may be, for a taxation year as of the day immediately before the commencement of the transaction, event or series of transactions or events.  1994, c. 14, s. 24 (1); 1997, c. 43, Sched. A, s. 30; 2004, c. 16, s. 2 (2). Interpretation (2) For the purposes of this section, the carrying value of an asset or group of assets shall be determined in accordance with generally accepted accounting principles.  1994, c. 14, s. 24 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 24 (1, 2) - 20/05/1993; 1997, c. 43, Sched. A, s. 30 - 07/05/1997 2004, c. 16, s. 2 (2)
- 01/01/2004 Division B — Computation of Taxable Paid-Up Capital
63 (1) Despite section 61, the paid-up capital employed in Canada of a corporation that is liable to the taxes imposed under this Act by virtue of clause 2 (2) (a) or (b) shall be deemed to be either, (a) the amount of which its taxable income earned in Canada determined for the purposes of this Act would be 8 per cent; or (b) the amount by which the amount of the total assets of the corporation in Canada exceeds, (i) for taxation years ending before May 19, 2004, the total of the corporation’s current accounts payable relating to its permanent establishments in Canada and any amounts prescribed by the regulations, or (ii) for taxation years ending after May 18, 2004, any amount described in subclause 61 (1) (e) (i), (ii) or (iii) for the corporation relating to its permanent establishments in Canada, whichever is greater, and in such case, this section shall apply as though, (c) the corporation had no permanent establishment outside Canada; (d) the paid-up capital employed in Canada as so determined were the total paid-up capital of the corporation; and (e) the taxable paid-up capital employed in Canada were allocated among the provinces and territories of Canada as prescribed by the regulations.  R.S.O. 1990, c. C.40, s. 63 (1); 1994, c. 14, s. 27 (1); 2004, c. 16, s. 2 (2); 2004, c. 31, Sched. 9, s. 31. Business wholly in Canada (2) Subsection (1) does not apply where the business of the corporation was carried on entirely in Canada, and in any such case, the corporation’s taxable paid-up capital employed in Canada shall be determined in accordance with the provisions of Division B or B.1 of this Part.  R.S.O. 1990, c. C.40, s. 63 (2); 1997, c. 43, Sched. A, s. 34; 2004, c. 16, s. 2 (2). Determination of paid-up capital (3) For the purpose of subsection (1), the paid-up capital of the corporate partners of a partnership shall, with respect to their interests in the partnership, be determined in accordance with the rules provided in clauses 61 (5) (a), (b), (c) and (d).  R.S.O. 1990, c. C.40, s. 63 (3); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 27 (1, 2) - 20/05/1993; 1997, c. 43, Sched. A, s. 34 - 07/05/1997 2004, c. 16, s. 2 (2)
- 01/01/2004; 2004, c. 31, Sched. 9, s. 31 - 18/05/2004
64 The taxable paid-up capital employed in Canada of a corporation to which this Division applies is its paid-up capital employed in Canada determined under section 63 minus the aggregate of such of the deductions permitted under section 62 as may reasonably be considered wholly applicable on the assumption that the only assets of the corporation were assets pertaining exclusively to its permanent establishments in Canada.  R.S.O. 1990, c. C.40, s. 64; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 2 (2)
- 01/01/2004
65 In computing the paid-up capital employed in Canada of a corporation for the purpose of this Part there shall not be included the amount of the paid-up capital invested in a ship or aircraft operated by such corporation in Canada if such corporation is entitled, in computing its income for a taxation year, to exclude the income for a taxation year earned in Canada from the operation of such ship or aircraft under paragraph 81 (1) (c) of the Income Tax Act
(Canada) as that paragraph applies by virtue of section 28 of this Act.  R.S.O. 1990, c. C.40, s. 65; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 2 (2)
- 01/01/2004 Division D — Computation of Capital Tax Payable
67 Every corporation, other than a financial institution, whose tax under this Part for a taxation year is determined under section 66, and not under section 69, may deduct from the tax otherwise payable by it under section 66 an amount determined in accordance with the following formula: D = T × A/B where, “D” is the amount deductible by the corporation under this section for the taxation year; “T” is the amount of tax otherwise payable by the corporation for the year under section 66; “A” is, (a) the portion of the corporation’s taxable paid-up capital for the taxation year that is deemed under rules prescribed by the regulations to be used by the corporation in the taxation year in a jurisdiction other than Ontario, if the corporation is a corporation referred to in subsection 2 (1), or (b) the portion of the corporation’s taxable paid-up capital employed in Canada for the taxation year that is deemed under rules prescribed by the regulations to be used by the corporation in the taxation year in a jurisdiction other than Ontario, if the corporation is a corporation referred to in subsection 2 (2); and “B” is the corporation’s taxable paid-up capital for the taxation year, if the corporation is a corporation referred to in subsection 2 (1), or the corporation’s taxable paid-up capital employed in Canada for the taxation year, if the corporation is a corporation referred to in subsection 2 (2). 1997, c. 43, Sched. A, s. 37 (1); 1999, c. 9, s. 89 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1992, c. 3, s. 14 - 25/06/1992; 1994, c. 14, s. 29 (1, 2) - 01/05/1992; 1997, c. 43, Sched. A, s. 37 (1, 2) - 07/05/1997; 1999, c. 9, s. 89 (1, 2) - 05/05/1999 2004, c. 16, s. 2 (2)
- 01/01/2004
70 The tax imposed by this Part is not payable by any corporation that is liable to a tax under section 74 or by any corporation that is liable to the taxes imposed under this Act by virtue only of clause 2 (2) (c).  R.S.O. 1990, c. C.40, s. 70; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 2 (2)
- 01/01/2004
71 (1) Except as provided in subsections (3), 11 (15) and 66 (6), none of the following corporations are required to pay any tax otherwise payable under this Part: 1. A corporation referred to in subsection 57 (1), other than a corporation subject to the rules in subsection 149 (10) of the Income Tax Act (Canada) as made applicable by subsection 57 (7) of this Act. 2. A corporation that is a credit union. 3. A family farm corporation. 4. A family fishing corporation. 5. The Deposit Insurance Corporation of Ontario.  1999, c. 9, s. 92 (1); 2001, c. 23, s. 46 (1); 2004, c. 16, s. 2 (2). (2) Repealed:  1999, c. 9, s. 92 (2). Application of subs. (1) (3) Subsection (1) does not apply in the case of a family farm corporation where, pursuant to subsection 31 (2) of the Income Tax Act (Canada) as made applicable by subsection 11 (1) of this Act, the Minister has determined that the chief source of income of the corporation for a taxation year is neither farming nor a combination of farming and some other source of income.  R.S.O. 1990, c. C.40, s. 71 (3); 1999, c. 9, s. 92 (3); 2004, c. 16, s. 2 (2). Transitional, Deposit Insurance Corporation of Ontario (4) The amount of tax payable under this Part by the Deposit Insurance Corporation of Ontario for a taxation year commencing before May 5, 1999 is the amount calculated by multiplying the amount of tax that it would be required to pay for the year under this Part, but for subsection (1), by the ratio of the number of days in the taxation year that are before May 5, 1999 to the total number of days in the taxation year.  2001, c. 23, s. 46 (2); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. A, s. 40 - 07/05/1997; 1999, c. 9, s. 92 (1-4) - 05/05/1999 2001, c. 23, s. 46 (1, 2)
- 05/05/1999 2004, c. 16, s. 2 (2)
- 01/01/2004
72 Where a corporation has a taxation year of less than 365 days, the amount of tax payable by it under this Part for the year shall be determined by multiplying the amount of tax that would otherwise be determined for the year before the application of section 72.1 by the ratio of the number of days in the taxation year to 365, except that this section does not apply, (a)  Repealed:  1999, c. 9, s. 93. (b) to any corporation the taxation year of which does not end on the same date each year, but that has been accepted for purposes of assessment under this Act; or (c) to any corporation in respect of an amount payable under section 66.1.  R.S.O. 1990, c. C.40, s. 72; 1996, c. 18, s. 22; 1997, c. 43, Sched. A, s. 41; 1999, c. 9, s. 93; 2004, c. 16, s. 2 (2); 2008, c. 7, Sched. E, s. 13. Section Amendments with date in force (d/m/y) 1996, c. 18, s. 22 - 08/05/1996; 1997, c. 43, Sched. A, s. 41 - 07/05/1997; 1999, c. 9, s. 93 - 05/05/1999 2004, c. 16, s. 2 (2)
- 01/01/2004 2008, c. 7, Sched. E, s. 13 - 01/01/2007 Capital tax relief for manufacturers
73 Where the exemption under section 57 applies to a part of a taxation year only, subsection 71 (1) does not apply, and in any such case the tax otherwise payable under this Part shall be in the proportion thereof that the number of days of the taxation year for which the exemption under subsection 57 (1) does not apply bears to 365.  R.S.O. 1990, c. C.40, s. 73; 1999, c. 9, s. 94 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 94 (1, 2) - 05/05/1999 2004, c. 16, s. 2 (2)
- 01/01/2004 PART IV   LIABILITY FOR SPECIAL TAXES
73.1 The following terms have the same meaning for the purposes of this Act as they have for the purposes of the Insurance Act: 1. Accident and sickness insurance. 2. Automobile insurance. 3. Fraternal society. 4. Life insurance. 5. Marine insurance. 6. Mutual benefit society. 7. Property insurance.  2004, c. 31, Sched. 9, s. 35. Section Amendments with date in force (d/m/y) 2001, c. 23, s. 47 - 05/12/2001 2004, c. 16, s. 2 (2) - 01/01/2004; 2004, c. 31, Sched. 9, s. 35 - 30/04/2007
74.4 (1) In this section, “insurance contract” means a reciprocal contract of indemnity or inter-insurance that by reason of section 378 of the Insurance Act may be exchanged with a person in Ontario or elsewhere; (“contrat d’assurance”) “insurance exchange” means a reciprocal or inter-insurance exchange within the meaning of the Insurance Act; (“bourse d’assurance”) “net premiums” means, in respect of an insurance exchange for a taxation year, the total amount of premiums and deposits paid on account of premiums that are collected by the exchange during the taxation year, less the amount of any premiums and deposits returned in the taxation year. (“primes nettes”)  1997, c. 43, Sched. A, s. 42 (1); 2004, c. 16, s. 2 (2). Amount of tax, insurance exchange (2) The amount of tax payable under subsection 2 (2.3) for a taxation year by an insurance exchange is an amount equal to the total of, (a) three per cent of the net premiums collected by the insurance exchange during the taxation year in respect of insurance contracts with respect to individuals resident in Ontario or property situate in Ontario; and (b) one-half of one per cent of the amount of net premiums collected by the insurance exchange during the taxation year in respect of insurance contracts with respect to property situate in Ontario.  1997, c. 43, Sched. A, s. 42 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. A, s. 42 (1-3) - 01/01/1998 2004, c. 16, s. 2 (2)
- 01/01/2004 PART V   RETURNS, PAYMENTS, ASSESSMENTS AND APPEALS Division A — Returns
77 The Minister may enlarge the time for delivering a return before or after the date by which the return is required to be delivered under this Act.  1994, c. 14, s. 35; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 35 - 23/06/1994 2004, c. 16, s. 2 (2)
- 01/01/2004 Division B — Payments
81 Every corporation shall pay, immediately on receipt of a notice of assessment or reassessment or of a statement of account in respect of a taxation year, any part of the tax, interest, penalties and any other amounts then unpaid in respect of the taxation year, whether or not an objection to or an appeal from an assessment in respect of the taxation year is outstanding.  1994, c. 14, s. 39 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 39 (1, 2) - 01/08/1995 2004, c. 16, s. 2 (2)
- 01/01/2004 Division D — Refunds of Overpayments
83 (1) Interest at the rate prescribed by the regulations shall be computed and allowed daily to a corporation on the surplus in the corporation’s instalment account for a taxation year, for each day there is a surplus in the instalment account during the period from the last day of the first month in the instalment period to the end of the instalment period.  1994, c. 14, s. 41 (1); 2004, c. 16, s. 2 (2). Surplus, instalment account (2) For the purposes of this Part, the surplus, if any, in a corporation’s instalment account for a taxation year on a particular day is the amount by which, (a) the total of, (i) the amount determined as of the particular day under subclause 79 (4.1) (b) (i) in respect of the taxation year, and (ii) the interest allowed under subsection (1) in respect of the corporation’s instalment account for the taxation year for the period before the particular day, exceeds, (b) the amount determined as of the particular day under clause 79 (4.1) (a) in respect of the taxation year.  1994, c. 14, s. 41 (1); 2004, c. 16, s. 2 (2). (3) Repealed:  1994, c. 14, s. 41 (1). (4) Repealed:  1994, c. 14, s. 41 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 41 (1) - 01/08/1995; 1994, c. 14, s. 41 (2) - 01/01/1994 2004, c. 16, s. 2 (2)
- 01/01/2004 Division D.1 — Redirection of Payments
86 The Minister shall with all due dispatch serve on the corporation appealing and file in the Court a reply to the notice of appeal admitting or denying the facts alleged and containing a statement of such further allegations of fact and all statutory provisions and reasons as the Minister intends to rely on, and, where the Minister has failed to serve the reply within 180 days from the date of service of the notice of appeal, the corporation may, upon twenty-one days notice to the Minister, apply to a judge of the Superior Court of Justice for an order requiring the reply to be served within such time as the judge shall order, and the judge may, if he or she considers it proper in the circumstances, also order that, upon failure by the Minister to serve the reply in the time specified in the order, the assessment or part thereof, as the case may be, with respect to which the appeal is taken shall be vacated and any tax paid pursuant to such assessment or part thereof, as the case may be, shall be repaid to the corporation, but nothing in this section revives an appeal that is void or affects an assessment that has become valid and binding under subsection 80 (18).  R.S.O. 1990, c. C.40, s. 86; 2001, c. 23, s. 55; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2001, c. 23, s. 55 - 05/12/2001 2004, c. 16, s. 2 (2)
- 01/01/2004
87 (1) Upon the filing of the material referred to in sections 85 and 86 with the local registrar of the Superior Court of Justice, the matter shall be deemed to be an action in the court.  R.S.O. 1990, c. C.40, s. 87 (1); 2001, c. 23, s. 56; 2004, c. 16, s. 2 (2). (2) Repealed:  1997, c. 43, Sched. A, s. 49. Disposal of appeal (3) The court may dispose of the appeal by, (a) dismissing it; (b) allowing it; or (c) allowing it, and, (i) vacating the assessment, (ii) varying the assessment, (iii) restoring the assessment, or (iv) referring the assessment back to the Minister for reconsideration and reassessment.  R.S.O. 1990, c. C.40, s. 87 (3); 2004, c. 16, s. 2 (2). Court may order payment of tax, etc. (4) The court may in delivering judgment disposing of an appeal order payment or refund of tax, interest, penalties or costs by the corporation or the Minister, as the case may be.  R.S.O. 1990, c. C.40, s. 87 (4); 2004, c. 16, s. 2 (2). Settlement of appeal (5) Despite clauses 80 (11) (b) and (c), the Minister may at any time vacate the assessment, vary the assessment, assess or reassess in order to give effect to the terms of a settlement of the appeal that have been agreed to by the Minister and the corporation.  1998, c. 34, s. 56; 2004, c. 16, s. 2 (2). Same (6) Sections 84 and 85 do not apply to an assessment or reassessment made under subsection (5).  1998, c. 34, s. 56; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. A, s. 49 - 18/12/1997; 1998, c. 34, s. 56 - 18/12/1998 2001, c. 23, s. 56
- 05/12/2001 2004, c. 16, s. 2 (2)
- 01/01/2004
87.1 (1) If the corporation appealing fails to set the appeal down for trial within seven years after it is instituted under section 85, the Minister may move to the Superior Court of Justice for an order dismissing the appeal for delay.  2011, c. 9, Sched. 8, s. 3. Notice of motion (2) The Minister shall give written notice of a motion under subsection (1) to the corporation appealing at least 21 days before the motion is made.  2011, c. 9, Sched. 8, s. 3. Order (3) At the hearing of the motion under subsection (1), the corporation appealing shall show cause why the appeal should not be dismissed for delay and the court may, (a) if it is not satisfied that the appeal should proceed, dismiss the appeal for delay with or without costs; or (b) if it is satisfied that the appeal should proceed, (i) set time periods for completion of the remaining steps necessary to have the appeal placed on a trial list and order that it be placed on a trial list within a specified time, or (ii) make such other order as is just.  2011, c. 9, Sched. 8, s. 3. Setting aside dismissal (4) An order dismissing an appeal under this section may be set aside in accordance with the Rules of Civil Procedure.  2011, c. 9, Sched. 8, s. 3. Section Amendments with date in force (d/m/y) 2011, c. 9, Sched. 8, s. 3 - 12/05/2011
88 Proceedings under this Division shall be closed to the public upon request made to the court by the corporation appealing or by the Minister.  R.S.O. 1990, c. C.40, s. 88; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 2 (2)
- 01/01/2004
89 The practice and procedure of the Superior Court of Justice, including the right of appeal and the practice and procedure relating to appeals, apply to every matter deemed to be an action under section 87 and every judgment and order given or made in every such action may be enforced in the same manner and by the like process as a judgment or order given or made in an action commenced in the court.  R.S.O. 1990, c. C.40, s. 89; 2001, c. 23, s. 57; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2001, c. 23, s. 57 - 05/12/2001 2004, c. 16, s. 2 (2)
- 01/01/2004
90 An assessment shall not be vacated or varied on appeal by reason only of any irregularity, informality, omission or error on the part of any person in the observation of any directory provision of this Act.  R.S.O. 1990, c. C.40, s. 90; 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 2 (2)
- 01/01/2004
91 The time within which a notice of objection is to be served or an appeal is to be instituted may be extended by the Minister if application for extension is made, (a) with respect to a notice of objection under subsection 84 (1), (i) before the expiration of the time allowed under that subsection for service of the notice of objection, or (ii) within one year from the day of mailing of the notice of assessment that is the subject of the objection, if the corporation provides an explanation satisfactory to the Minister explaining why the notice of objection could not be served within the time required by subsection 84 (1) and the Minister agrees to the extension of time; or (b) with respect to an appeal, before the expiry of the time allowed under subsection 85 (1) for instituting the appeal.  R.S.O. 1990, c. C.40, s. 91; 2001, c. 23, s. 58; 2004, c. 16, s. 2 (2); 2006, c. 33, Sched. G, s. 10. Section Amendments with date in force (d/m/y) 2001, c. 23, s. 58
- 05/12/2001 2004, c. 16, s. 2 (2)
- 01/01/2004 2006, c. 33, Sched. G, s. 10 (1, 2) - 20/12/2006
92.1 (1) If the following conditions are satisfied, a person may make an application under subrule 14.05 (2) of the Rules of Civil Procedure to a judge of the Superior Court of Justice: 1. The application is to determine one or more issues of law that depend solely on the interpretation of, i. this Act or the regulations, or ii. this Act or the regulations and another Ontario statute or regulation. 2. The Minister has indicated in writing that the Minister is satisfied that it is in the public interest for the applicant to make the application. 3. The Minister and the applicant have executed a statement of agreed facts on which they both intend to rely and the applicant files the statement as part of the applicant’s application record. 4. No facts remain in dispute between the Minister and the applicant that either of them believes may be relevant to the determination of any issue of law that is a subject of the application.  2006, c. 33, Sched. G, s. 11. Application of rule 38.10, Rules of Civil Procedure (2) Rule 38.10 of the Rules of Civil Procedure does not apply to an application referred to in this section, except that the presiding judge may, on the hearing of the application, adjourn the application in whole or in part and with or without terms under clause 38.10 (1) (a) of that rule.  2006, c. 33, Sched. G, s. 11. Disposition of application (3) The court may dispose of an application that is authorized under this section by, (a) making a declaration of law in respect of one or more issues of law forming the subject of the application; (b) declining to make a declaration of law in respect of any of the issues of law forming the subject of the application; or (c) dismissing the application.  2006, c. 33, Sched. G, s. 11. Effect of declaration of law (4) No declaration of law made on an application under this section, (a) shall be binding on the Minister and the applicant except in relation to the facts agreed to by them in the proceeding; or (b) shall otherwise affect the rights of the Minister or the applicant in any appeal instituted under this Act.  2006, c. 33, Sched. G, s. 11. No applications under subrule 14.05 (3) (5) No person other than the Minister may bring an application under subrule 14.05 (3) of the Rules of Civil Procedure on or after the day this section comes into force, in respect of any matter arising under this Act.  2006, c. 33, Sched. G, s. 11. Other proceedings (6) On the motion of the Minister, the court shall dismiss a proceeding commenced by an application under rule 14.05 of the Rules of Civil Procedure relating to a matter under this Act or the regulations if any condition in subsection (1) has not been satisfied or the application is prohibited under subsection (5).  2006, c. 33, Sched. G, s. 11. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. G, s. 11 - 20/12/2006 Division G — Part II.2 Objections and Appeals