48 (1) Except as hereinafter provided, where a corporation is a mutual fund corporation, section 131 of the Income Tax Act (Canada) is applicable for the purposes of this Act.  R.S.O. 1990, c. C.40, s. 48 (1); 2004, c. 16, s. 2 (2). Not applicable to taxation years after 2008 (1.1) No corporation is entitled to a refund by reason of this section in respect of a taxation year ending after December 31, 2008.  2007, c. 11, Sched. B, s. 2 (9). Idem (2) In the application of subsection 131 (2) of the said Act for the purposes of this Act, (a) the reference to “3 years” in the fourth line thereof shall be read as “4 years”; (b) the percentage referred to in subparagraph (a) (i) thereof shall be read as if it were the amount, expressed as a percentage, calculated using the formula, Y × Z in which, “Y” is the specified basic rate of the corporation for the taxation year as described in subsection 38 (2), and “Z” is the fraction in paragraph 38 (a) of the Income Tax Act (Canada) that applies to the corporation for the taxation year; (c) the references in paragraph (b) thereof to “subsection 152 (4)”, “this Part” and “paragraph 152 (4) (a)” shall be read as references to subsection 80 (11), Part II and clause 80 (11) (a) of this Act, respectively.  R.S.O. 1990, c. C.40, s. 48 (2); 1998, c. 34, s. 46 (1); 2001, c. 8, s. 24 (1); 2004, c. 16, s. 2 (2). Idem (3) In the application of subsection 131 (3) of the Income Tax Act (Canada) for the purposes of this Act, the reference in that subsection to “this Act” shall be deemed to read “this Act or any other Act administered by the Minister which imposes tax or is prescribed by the regulations”.  1994, c. 14, s. 19 (1); 2004, c. 16, s. 2 (2). Same (4) In the application of the definitions of “capital gains dividend account” and “capital gains redemptions” in subsection 131 (6) of the Income Tax Act (Canada) for taxation years ending after December 31, 1989 and before February 28, 2000, the multiplication factor of “100/21 of” wherever it appears in those definitions shall be read as “8 56/93 times”.  1996, c. 29, s. 53; 2001, c. 8, s. 24 (2); 2004, c. 16, s. 2 (2). Interpretation, capital gains dividend account (4.1) In the application of the definition of “capital gains dividend account” in subsection 131 (6) of the Income Tax Act (Canada) for taxation years ending after February 27, 2000, subparagraph (b) (iii) of the definition shall be applied as if it referred instead to the amount calculated using the formula, S × 100/(Y × Z) in which, “S” is the amount of the corporation’s capital gains refund for any taxation year if it was a mutual fund corporation throughout the year and if the year ended more than 60 days before the time referred to in the definition of “capital gains dividend account” in subsection 131 (6) of the Income Tax Act (Canada) and after December 31, 1989, “Y” is the specified basic rate of the corporation for the taxation year as described in subsection 38 (2), and “Z” is the fraction in paragraph 38 (a) of the Income Tax Act (Canada) that applies to the corporation for the taxation year. 2001, c. 8, s. 24 (3); 2004, c. 16, s. 2 (2). Interpretation, capital gains redemptions (4.2) In the application of the definition of “capital gains redemptions” in subsection 131 (6) of the Income Tax Act (Canada) for taxation years ending after February 27, 2000, the fraction referred to in “C” in the formula set out in the definition shall be read as if it were the amount calculated using the formula, 100/(Y × Z) in which, “Y” is the specified basic rate of the corporation for the taxation year as described in subsection 38 (2), and “Z” is the fraction in paragraph 38 (a) of the Income Tax Act (Canada) that applies to the corporation for the taxation year. 2001, c. 8, s. 24 (3); 2004, c. 16, s. 2 (2). Same (5) The following rules apply in the application for the purposes of this Act of the definition of “refundable capital gains tax on hand” in subsection 131 (6) of the Income Tax Act
(Canada): 1. The percentage referred to in paragraphs (a) and (b) in the calculation of the amount designated as “A” in the formula in the definition shall be read as the percentage that is the specified basic rate of the corporation, as determined under subsection 38 (2) of this Act, for the taxation year for which the corporation’s refundable capital gains tax on hand is being determined. 2. The reference to “this Part” in paragraph (c) in the calculation of the amount designated as “A” in the formula in the definition shall be read as a reference to Part II of this Act. 3. Paragraph (c) in the calculation of the amount designated as “A” in the formula in the definition shall be read without reference to the words “determined without reference to section 123.2”.  1996, c. 29, s. 53; 2000, c. 10, s. 7 (1); 2004, c. 16, s. 2 (2). Apportionment of capital gains refund (6) If a corporation had a permanent establishment in a jurisdiction outside Ontario during a taxation year and this section applies in respect of that year, the “taxable income” and “taxed capital gains” determined for the purposes of the application of the definition of “refundable capital gains tax on hand” in subsection 131 (6) of the Income Tax Act (Canada), as that definition applies for the purposes of this Act, shall each be reduced by that proportion thereof that, (a) the taxable income of the corporation that is deemed to have been earned in jurisdictions other than Ontario for the taxation year for the purposes of section 39, is of, (b) the corporation’s total taxable income for the year.  1996, c. 29, s. 53; 2004, c. 16, s. 2 (2). Exceptions (7) Subsections 131 (5) and (9) of the Income Tax Act (Canada) are not applicable for the purposes of this Act.  R.S.O. 1990, c. C.40, s. 48 (7); 2004, c. 16, s. 2 (2). Application provision, 2000 Budget (8) Paragraph 1 of subsection (5), 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. 7 (2); 2004, c. 16, s. 2 (2). Application provision, 2001 Budget (9) Clause (2) (b) and subsections (4.1) and (4.2), as they are enacted or re-enacted, as the case may be, by the Responsible Choices for Growth and Accountability Act (2001 Budget), 2001, apply with respect to taxation years ending after February 27, 2000.  2001, c. 8, s. 24 (3); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 19 (1, 2) - 23/06/1994; 1996, c. 29, s. 53 - 01/03/1994; 1998, c. 34, s. 46 (1, 2) - 01/01/1993 2000, c. 10, s. 7 (1, 2)
- 02/05/2000 2001, c. 8, s. 24 (1-3)
- 28/02/2000 2004, c. 16, s. 2 (2)
- 01/01/2004 2007, c. 11, Sched. B, s. 2 (9) - 04/06/2007