504. (1) For the purposes of clause 2 (2) (c) of the Act, taxable Canadian property shall be deemed to be property situated in Ontario where, (a) in the case of property referred to in subparagraph 115 (1) (a) (iii.1) and subparagraphs 115 (1) (b) (i) and (ii) of the Income Tax Act (Canada), the property is situated in Ontario or the business is carried on in Ontario, as the case may be; (b) in the case of property referred to in subparagraphs 115 (1) (b) (iii) and (iv) of the Income Tax Act (Canada), the property is a share or shares of a corporation that is resident in Ontario; (c) in the case of property referred to in subparagraph 115 (1) (b) (v) of the Income Tax Act
(Canada), the property is an interest in a partnership resident in Ontario; (d) in the case of property referred to in subparagraph 115 (1) (a) (iv) and subparagraph 115 (1) (b) (vi) of the Income Tax Act (Canada), the property is an income interest in a trust resident in Ontario or the property is a capital interest in a trust resident in Ontario, as the case may be; (e) in the case of property referred to in subparagraph 115 (1) (b) (vii) of the Income Tax Act
(Canada), the property is a unit or units of a unit trust resident in Ontario; (f) in the case of property referred to in subparagraph 115 (1) (b) (viii) of the Income Tax Act (Canada), the property is a unit or units of a mutual fund trust resident in Ontario; and (g) in the case of property that is deemed to be taxable Canadian property under subparagraph 115 (1) (b) (ix) of the Income Tax Act (Canada), the property is property that is situated in Ontario by virtue of the Corporations Tax Act and the regulations made thereunder, or the law of Ontario as it relates to the situs of property. (2) Where, for the purposes of the Income Tax Act (Canada) a tax treaty or convention between Canada and another country has determined that no tax is payable for a taxation year by the corporation in respect of the disposition by it of taxable Canadian property, such property that would otherwise be deemed by subsection (1) to be property situated in Ontario shall be deemed not to be property situated in Ontario. (3) For the purposes of clause (1) (b), a corporation shall be deemed to be resident in Ontario where, (a) in the case of a corporation incorporated after the 26th day of April, 1965 it was incorporated in Ontario; (b) in the case of a corporation incorporated before the 27th day of April, 1965 it was incorporated in Ontario and at any time in the taxation year or at any time in any preceding taxation year of the corporation ending after the 26th day of April, 1965 it was resident in Ontario or carried on business in Ontario; (c) in the case of a corporation incorporated under the laws of Canada, it had its central management and control located in Ontario at any time in the taxation year. (4) For the purposes of clause (1) (c), a partnership is deemed to be resident in Ontario where it is resident in Canada for purposes of subparagraph 115 (1) (b) (v) of the Income Tax Act (Canada) and its principal business is carried on in Ontario. (5) For the purposes of clauses (1) (d), (e) and (f), a trust, a unit trust or a mutual fund trust is deemed to be resident in Ontario where the trust, unit trust or mutual fund trust, as the case may be, is resident in Canada for purposes of subparagraph 115 (1) (a) (iv) and subparagraphs 115 (1) (b) (vi), (vii) or (viii) of the Income Tax Act (Canada) and the principal office from which its business is conducted is situated in Ontario.  R.R.O. 1990, Reg. 183, s. 504. Eligible Canadian Profits