Income Tax Act

Version of section 186.1 from 2007-12-14 to 2017-11-20:

Marginal note:Exempt corporations

 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, or a participating organization, of a designated 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;
  • 2007, c. 35, s. 55.
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