68 (1) Despite sections 66 and 67, no tax is payable under this Part for a taxation year by a corporation that is not a financial institution if, (a) neither the corporation’s total assets at the end of the taxation year nor its gross revenue for the taxation year, as recorded in its books and records, exceeds, (i) $1 million for a taxation year ending before January 1, 2001, (ii) $1.5 million for a taxation year ending after December 31, 2000 and commencing before October 1, 2001, or (iii) $3 million for a taxation year commencing after September 30, 2001; or (b) the corporation’s taxable paid-up capital as determined under Division B of this Part for the taxation year does not exceed $2 million if the taxation year commences before October 1, 2001.  1999, c. 9, s. 90 (1); 2000, c. 42, s. 20; 2001, c. 23, s. 44 (1, 2); 2004, c. 16, s. 2 (2). Transition (2) Despite subsection (1), if the taxation year of a corporation that is not a financial institution commences before May 5, 1999, the corporation is liable to tax under this Part equal to the amount, if any, that would otherwise be determined for the taxation year if this section and section 69 read as they did on May 4, 1999, multiplied by the ratio of the number of days in the taxation year before May 5, 1999 to the total number of days in the taxation year.  1999, c. 9, s. 90 (1); 2004, c. 16, s. 2 (2). No exemption (3) Subsection (1) does not apply to a corporation for a taxation year if the sum of the following amounts exceeds $2 million if the taxation year commences before October 1, 2001 or $5 million if the taxation year commences after September 30, 2001: 1. The taxable paid-up capital of the corporation for the taxation year. 2. If the corporation is associated with one or more corporations in the taxation year, the total of the taxable paid-up capital of each such associated corporation for the last taxation year of the associated corporation ending during the corporation’s taxation year. 3. If the corporation is a member of a partnership or a connected partnership (as determined under subsection 69 (5)) in the taxation year, the aggregate of the shares of the taxable paid-up capital of the partnership or connected partnership that are allocated under subsection 61 (5) to each person related to the corporation, for the last fiscal period of the partnership or connected partnership ending during the corporation’s taxation year, if those amounts are not already included within the amounts described in paragraphs 1 and 2.  1999, c. 9, s. 90 (1); 2001, c. 23, s. 44 (3, 4); 2004, c. 16, s. 2 (2). Non-resident corporations (4) For the purposes of this section, the taxable paid-up capital of a corporation shall be determined in accordance with the provisions of Division B of this Part, irrespective of whether the corporation is subject to tax under this Act.  1999, c. 9, s. 90 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. A, s. 38 - 07/05/1997; 1999, c. 9, s. 90 (1, 2) - 05/05/1999 2000, c. 42, s. 20 - 01/01/2001 2001, c. 8, s. 27 (1, 2)
- no effect - see 2001, c. 23, s. 44 (2)
- 01/10/2001; 2001, c. 8, s. 27 (3)
- 01/01/2002; 2001, c. 23, s. 44 (1-3)
- 01/10/2001 2004, c. 16, s. 2 (2)
- 01/01/2004