Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

Act current to 2014-06-12 and last amended on 2014-01-01. Previous Versions

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.
Marginal note:Exempt dividends

 For the purposes of subsection 186(1), dividends received in a taxation year by a corporation that was, throughout the year, a prescribed venture capital corporation from a corporation that was a prescribed qualifying corporation with respect to those dividends shall be deemed not to be taxable dividends.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1987, c. 46, s. 59.
Marginal note:Information return
  •  (1) Every corporation that is liable to pay tax under this Part for a taxation year in respect of a dividend received by it in the year shall, on or before the day on or before which it is required to file its return of income under Part I for the year, file a return for the year under this Part in prescribed form.

  • Marginal note:Interest

    (2) Where a corporation is liable to pay tax under this Part and has failed to pay all or any part thereof on or before the day on or before which the tax was required to be paid, it shall pay to the Receiver General interest at the prescribed rate on the amount that it failed to pay computed from the day on or before which the tax was required to be paid to the day of payment.

  • Marginal note:Provisions applicable to Part

    (3) Sections 151, 152, 158 and 159, subsections 161(7) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1970-71-72, c. 63, s. 1 “187”;
  • 1985, c. 45, ss. 101, 126(F);
  • 1986, c. 6, s. 98.