64 (1) Subject to subsection (2), every corporation to which subsection 27 (1) applies is liable to pay to the Crown in right of Ontario a capital tax for a taxation year commencing before July 1, 2010, (a) in the amount calculated under subdivision b in the case of a corporation that is a financial institution for the year; or (b) in the amount calculated under subdivision c in the case of a corporation that is not a financial institution for the year.  2007, c. 11, Sched. A, s. 64 (1); 2008, c. 7, Sched. S, s. 17. Exception (2) The tax imposed by this Division for a taxation year is not payable by, (a) a corporation that is liable to tax for the year under section 74 of the Corporations Tax Act; (b) a credit union; (c) a deposit insurance corporation, as defined in section 137.1 of the Federal Act; (d) a corporation that is a family farm corporation for the year, other than a corporation in respect of which a determination has been made under subsection 31 (2) of the Federal Act; (e) a corporation that is a family fishing corporation for the year; or (f) a corporation to which paragraph 2 of subsection 27 (2) applies.  2007, c. 11, Sched. A, s. 64 (2). Definitions (3) In this section, “family farm corporation” means, in respect of a taxation year, a corporation, (a) all the shares of the capital stock of which that confer on the holder the right to vote were, throughout the year, owned by, (i) an individual resident in Canada, (ii) an individual resident in Canada and a member or members of that individual’s family who were also resident in Canada, (iii) another family farm corporation, or (iv) another corporation, all the shares of the capital stock of which that confer on the holder the right to vote were owned directly or indirectly by a person or persons described in subclause (i), (ii) or (iii), (b) 75 per cent of the assets of which throughout the year were farming assets, and (c) that, throughout the year, carried on the business of farming in Ontario, (i) through the employment of a shareholder or a member of the shareholder’s family who was actually engaged in the operation of the farm, or (ii) in the case of a corporation described in subclause (a) (iii) or (iv), through the employment of the person or persons referred to in subclause (a) (i) or (ii); (“société agricole familiale”) “family fishing corporation” means, in respect of a taxation year, a corporation, (a) all the shares of the capital stock of which that confer on the holder the right to vote were, throughout the year, owned by, (i) an individual resident in Canada, (ii) an individual resident in Canada and a member or members of that individual’s family who were also resident in Canada, (iii) another family fishing corporation, or (iv) another corporation, all the shares of the capital stock of which that confer on the holder the right to vote were owned directly or indirectly by a person or persons described in subclause (i), (ii) or (iii), (b) 75 per cent of the assets of which throughout the year were fishing assets, and (c) that, throughout the year, carried on the business of fishing in Ontario, (i) through the employment of a shareholder or a member of the shareholder’s family who was actually engaged in the operation of the fishing business, or (ii) in the case of a corporation described in subclause (a) (iii) or (iv), through the employment of the person or persons referred to in subclause (a) (i) or (ii); (“société de pêche familiale”) “farming” does not include the maintaining of horses for racing; (“agriculture”) “farming assets” means, in respect of a corporation, (a) cash, trade accounts receivable, supplies and inventory of commodities or things produced, raised or grown by the corporation through farming, (b) land, buildings, equipment, machinery and livestock that are used chiefly in the operation of a farm by the corporation, (c) any right or licence granted or issued under any Act of the Legislature that permits or regulates the production or sale of any commodity or thing produced, raised or grown by the corporation through farming, (d) the building in which a shareholder of the corporation or one or more members of his or her family reside who are engaged in the operation of a farm if that building is on land that is used or is contiguous to land used by that shareholder or the member or members of his or her family in the operation of the farm, (e) shares in another family farm corporation, or (f) the amount owing to the corporation for the balance of the sale price of farming assets described in clause (b) that have been sold by the corporation if, (i) the amount is secured by a mortgage held by the corporation, and (ii) the total value of the corporation’s remaining farming assets described in clauses (a) to (e) exceeds 50 per cent of its total assets; (“actif agricole”) “fishing assets” means, in respect of a corporation, (a) cash, trade accounts receivable, supplies and inventory used by the corporation in a fishing business, (b) land, buildings, boats, ships, equipment, machinery and nets that are used by the corporation chiefly in the operation of a fishing business, (c) any right or licence granted or issued under any Act of the Legislature that permits or regulates the catching or sale of fish by the corporation, and (d) shares in another family fishing corporation. (“actif de pêche”)  2007, c. 11, Sched. A, s. 64 (3). Member of family (4) For the purposes of the definitions of “family farm corporation” and “family fishing corporation” in subsection (3), the following are members of an individual’s family: 1. The individual’s spouse or common-law partner. 2. The individual’s children or other lawful descendants. 3. The individual’s father, mother, grandfather and grandmother. 4. The individual’s brothers and sisters and their lawful descendants. 5. The individual’s uncles and aunts by blood relation and their lawful descendants. 6. The father and mother of the individual’s spouse or common-law partner. 7. The brothers and sisters of the individual’s spouse or common-law partner and their lawful descendants. 8. The spouse or common-law partner of each of the individual’s children.  2007, c. 11, Sched. A, s. 64 (4). Section Amendments with date in force (d/m/y) 2008, c. 7, Sched. S, s. 17 - 01/01/2008 Subdivision b —Financial Institutions