37 (1) A corporation may, in computing its tax payable under this Division for a taxation year ending before April 23, 2015, deduct a resource tax credit equal to the lesser of the corporation’s tax payable under this Division for the year, determined without reference to this section, sections 33, 34, 35 and 39, subsection 47 (3) and section 53, and the amount calculated using the formula, E + [(B – A) × C × D] in which, “A” is the amount of the corporation’s adjusted Crown royalties for the year as determined under subsection 36 (2), “B” is the corporation’s notional resource allowance for the year under subsection 36 (3), “C” is the corporation’s basic rate of tax for the year, “D” is the corporation’s Ontario allocation factor for the year, and “E” is the corporation’s resource credit balance at the beginning of the year. 2007, c. 11, Sched. A, s. 37 (1); 2015, c. 20, Sched. 40, s. 10 (1). Transition, April 23, 2015 (1.1) A corporation may, in computing its tax payable under this Division for a taxation year that includes April 23, 2015, deduct a resource tax credit equal to the lesser of the corporation’s tax payable under this Division for the year, determined without reference to this section, sections 33, 34, 35 and 39, subsection 47 (3) and section 53, and the amount calculated using the formula, H × J/K in which, “H” is the amount that would be calculated under subsection (1) in respect of the corporation if that subsection applied in the taxation year, “J” is the number of days in the taxation year that are before April 24, 2015, and “K” is the total number of days in the taxation year. 2015, c. 20, Sched. 40, s. 10 (2). Unused resource tax credits (1.2) A corporation may, in computing its tax payable under this Division for a taxation year that is one of the first five taxation years beginning after April 23, 2015, deduct a resource tax credit equal to the lesser of the corporation’s tax payable under this Division for the year, determined without reference to this section, sections 33, 34, 35 and 39, subsection 47 (3) and section 53, and the corporation’s resource credit balance at the beginning of the year. 2015, c. 20, Sched. 40, s. 10 (2). Resource credit balance (2) For the purposes of this section, a corporation’s resource credit balance at the beginning of a taxation year is the amount calculated using the formula, F – G in which, “F”   is the sum of all amounts each of which is the amount in respect of the corporation for a previous taxation year that would be calculated using the formula in subsection (1) or (1.1) if the corporation’s resource credit balance at the beginning of that year were nil, and “G” is the sum of all amounts each of which is an amount the corporation was entitled to deduct under subsection (1), (1.1) or (1.2) in computing its tax payable under this Division for a previous taxation year. 2007, c. 11, Sched. A, s. 37 (2); 2015, c. 20, Sched. 40, s. 10 (3-5). Rules for determining resource credit balance (3) The following additional rules apply for the purposes of this section in determining the amount of a corporation’s resource credit balance at the beginning of a taxation year: 1. An amalgamated corporation is deemed to be the same corporation as and a continuation of each of its predecessor corporations. 2. A parent corporation is deemed, after the last taxation year of its subsidiary corporation, to be the same corporation as and a continuation of the subsidiary corporation.  2007, c. 11, Sched. A, s. 37 (3). Section Amendments with date in force (d/m/y) 2015, c. 20, Sched. 40, s. 10 (1-5) - 04/06/2015 Subdivision c — Ontario Research and Development Tax Credit