55 (1) For a taxation year that ends before July 1, 2010, and except as otherwise provided under subsection (2), every corporation subject to tax under Division B of this Part is liable to pay to the Crown in right of Ontario a corporate minimum tax for the year as determined under this Division if, (a) the amount of the corporation’s total assets at the end of the year exceeds $5 million or the amount of the corporation’s total revenue for the year exceeds $10 million; or (b) the corporation is associated with one or more corporations during the year and, (i) the sum of the total assets of the corporation as of the end of the taxation year and of each associated corporation as of the end of the associated corporation’s last taxation year ending in the corporation’s taxation year exceeds $5 million, or (ii) the sum 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 million.  2009, c. 34, Sched. U, s. 12; 2010, c. 1, Sched. 29, s. 5. Same, taxation years ending after June 30, 2010 (1.1) For a taxation year that ends after June 30, 2010, and except as otherwise provided under subsection (2), every corporation subject to tax under Division B of this Part is liable to pay to the Crown in right of Ontario a corporate minimum tax for the year as determined under this Division if, (a) the amount of the corporation’s total assets at the end of the year equals or exceeds $50 million and the amount of the corporation’s total revenue for the year equals or exceeds $100 million; or (b) the corporation is associated with one or more corporations during the year and, (i) the sum of the total assets of the corporation as of the end of the taxation year and of each associated corporation as of the end of the associated corporation’s last taxation year ending in the corporation’s taxation year equals or exceeds $50 million, and (ii) the sum 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 equals or exceeds $100 million.  2009, c. 34, Sched. U, s. 12. Rules for determining if subject to CMT (2) The following rules apply in determining whether a corporation is subject to tax under this Division for a taxation year: 1. If the taxation year of the corporation is less than 51 weeks, the total revenue of the corporation for the year, before any inclusion in respect of the total revenue of any partnership of which it is a member, is 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 51 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, is 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 51 weeks and is the only fiscal period of the partnership ending in the corporation’s taxation year, the total revenue of the partnership for that fiscal period is 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 in the corporation’s taxation year is deemed to be the sum of all amounts each of which is the total revenue of the associated corporation for a taxation year that 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 is deemed to be the sum of all amounts each of which is the total revenue of the partnership for a fiscal period that 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 preceding 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 are deemed to be references to the last taxation year of the associated corporation ending before the commencement of the corporation’s taxation year.  2007, c. 11, Sched. A, s. 55 (2). Tax exemption (3) No tax is payable under this Division by a corporation for a taxation year if the corporation is throughout the year, (a) an investment corporation; (b) a mortgage investment corporation; (c) a mutual fund corporation; (d) a congregation or business agency to which section 143 of the Federal Act applies; or (e) a deposit insurance corporation, as defined in section 137.1 of the Federal Act.  2007, c. 11, Sched. A, s. 55 (3). Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. U, s. 12 - 15/12/2009 2010, c. 1, Sched. 29, s. 5 - 15/12/2009