Income Tax Act
Marginal note:Exempt corporations
186.1 No tax is payable under this Part for a taxation year by a corporation
(a) that was, at any time in the year, a bankrupt (within the meaning assigned by subsection 128(3)); or
(b) that was, throughout the year,
(i) a bank,
(ii) a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as a trustee,
(iii) an insurance corporation,
(iv) a prescribed labour-sponsored venture capital corporation,
(v) a prescribed investment contract corporation,
(vi) a non-resident-owned investment corporation, or
(vii) a registered securities dealer that was throughout the year a member of a prescribed stock exchange in Canada.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 186.1;
- 1998, c. 19, s. 200.
- Date modified: