Income Tax Act

Version of section 123.2 from 2006-06-22 to 2007-12-31:

Marginal note:Corporation surtax
  •  (1) There shall be added to the tax otherwise payable under this Part for each taxation year by a corporation an amount equal to the corporation’s specified percentage for the taxation year multiplied by the amount, if any, by which

    • (a) the tax payable under this Part by the corporation for the year determined without reference to this section, sections 123.3, 123.4 and 125 to 126 and subsections 127(3), (5), (27) to (31), (34) and (35) and 137(3) and as if subsection 124(1) did not contain the words “in a province”

    exceeds

    • (b) in the case of a corporation that was throughout the year an investment corporation or a mutual fund corporation, the amount determined for A in the definition refundable capital gains tax on hand in subsection 131(6) in respect of the corporation for the year, and

    • (c) in any other case, nil.

  • Marginal note:Specified percentage

    (2) The specified percentage of a corporation for a taxation year is that proportion of 4% that the number of days in the taxation year that are before 2008 is of the number of days in the taxation year.

  • (3) [Repealed, 2006, c. 4, s. 72]

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 123.2;
  • 1994, c. 7, Sch. VIII, s. 61;
  • 1996, c. 21, s. 24;
  • 1999, c. 22, s. 45;
  • 2001, c. 17, s. 111;
  • 2005, c. 30, s. 9;
  • 2006, c. 4, s. 72.
Date modified: