57.2 (1) Except as provided in section 57.11, every corporation subject to tax under Part II for a taxation year is liable to pay to the Crown in right of Ontario a corporate minimum tax for the taxation year as determined under this Part if, (a) the corporation’s total assets at the end of the taxation year exceed $5,000,000; (b) the corporation’s total revenue for the taxation year exceeds $10,000,000; or (c) the corporation has one or more associated corporations during the taxation year and, (i) the aggregate of the total assets of the corporation at the end of the taxation year and of each associated corporation at the end of the associated corporation’s last taxation year ending in the corporation’s taxation year exceeds $5,000,000, or (ii) the aggregate of the total revenue of the corporation for the taxation year and of each associated corporation for the last taxation year of the associated corporation ending in the corporation’s taxation year exceeds $10,000,000.  1994, c. 14, s. 21 (1); 2004, c. 16, s. 2 (2). Same (2) The following rules apply in determining whether a corporation is subject to tax under this Part for a taxation year: 1. If the taxation year of the corporation is less than fifty-one weeks, the total revenue of the corporation for the taxation year, before any inclusion in respect of the total revenue of any partnership of which it is a member, shall be deemed to be the amount otherwise determined, multiplied by the ratio of 365 to the number of days in the taxation year. 2. If the taxation year of an associated corporation referred to in subsection (1) is less than fifty-one weeks and is the only taxation year of the associated corporation ending in the corporation’s taxation year, the total revenue of the associated corporation for that taxation year, before any inclusion in respect of the total revenue of any partnership of which it is a member, shall be deemed to be the amount of its total revenue as otherwise determined, multiplied by the ratio of 365 to the number of days in the taxation year. 3. If a fiscal period of a partnership of which a corporation is a member is less than fifty-one weeks and is the only fiscal period of the partnership ending in the taxation year of the corporation, the total revenue of the partnership for that fiscal period shall be deemed to be the amount of its total revenue as otherwise determined, multiplied by the ratio of 365 to the number of days in the fiscal period. 4. If an associated corporation referred to in subsection (1) has two or more taxation years ending in the corporation’s taxation year, the total revenue of the associated corporation for the last taxation year ending on or before the last day of the corporation’s taxation year shall be deemed to be the total of all amounts each of which is the total revenue of the associated corporation for a taxation year which ended in the corporation’s taxation year and during which the associated corporation was associated with the corporation, multiplied by the ratio of 365 to the total number of days in all of those taxation years. 5. If a partnership of which the corporation is a member during the taxation year has two or more fiscal periods ending in the corporation’s taxation year, the total revenue of the partnership for the corporation’s taxation year shall be deemed to be the total of all amounts each of which is the total revenue of the partnership for a fiscal period which ended in the corporation’s taxation year and during which the corporation was a partner in the partnership, multiplied by the ratio of 365 to the total number of days in all of those fiscal periods. 6. If the corporation is associated with the same associated corporation during the taxation year and during the taxation year immediately before the taxation year, but no taxation year of the associated corporation ends in the corporation’s taxation year, references in this section to the associated corporation’s last taxation year ending in the taxation year of the corporation shall be deemed to be references to the last taxation year of the associated corporation ending before the commencement of the corporation’s 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