Corporations and Labour Unions Returns Act Regulations (SOR/84-125)

Regulations are current to 2012-05-14

Corporations and Labour Unions Returns Act Regulations

SOR/84-125

CORPORATIONS RETURNS ACT

Registration 1984-01-26

Regulations Respecting the Corporations and Labour Unions Returns Act

P.C. 1984-277 1984-01-26

Whereas a copy of the Regulations respecting the Corporations and Labour Unions Returns Act, substantially in the form set out in the schedule hereto, was published in the Canada Gazette Part I on May 28, 1983.

Therefore, His Excellency the Governor General in Council, on the recommendation of the Minister of Supply and Services, pursuant to section 19 of the Corporations and Labour Unions Returns Act, is pleased hereby to revoke the Corporations and Labour Unions Returns Regulations, C.R.C., c. 423, and to make the annexed Regulations respecting the Corporations and Labour Unions Returns Act, in substitution therefor.

SHORT TITLE

1. These Regulations may be cited as the Corporations and Labour Unions Returns Act Regulations.

INTERPRETATION

2. In these Regulations, “Act” means the Corporations and Labour Unions Returns Act.

3. [Repealed, SOR/86-430, s. 1]

GROSS REVENUE AND ASSETS

3.1 For the purpose of subparagraph 3(1)(a)(i) of the Act, the gross revenue of a corporation for a reporting period from the business carried on by it in Canada shall, depending on the method ordinarily used by the corporation in computing its profits, be determined by adding together the amounts received or the amounts receivable in that period by reason of that business, other than as or on account of capital.

  • SOR/85-237, s. 1.

3.2 For the purpose of subparagraph 3(1)(a)(ii) of the Act, the assets of a corporation as of the last day of a reporting period shall be determined

  • (a) in the case of a corporation resident in Canada, by adding together the value of each asset of the corporation that was included in the balance sheet of the corporation made up as of the last day of the reporting period in accordance with generally accepted accounting principles; and

  • (b) in the case of any other corporation, by adding together the value of each asset of the corporation that was included in the balance sheet of the corporation made up as of the last day of the reporting period in accordance with generally accepted accounting principles and was

    • (i) situated in Canada on the last day of the reporting period, and

    • (ii) used in the reporting period primarily for the purpose of the business carried on by the corporation in Canada.

  • SOR/85-237, s. 1.

EXEMPTED CORPORATIONS

4. A corporation that has filed returns pursuant to the Statistics Act or the Income Tax Act from which the information required to be provided pursuant to section 4.1 of the Act in respect of that Corporation can be obtained by the Chief Statistician of Canada is exempt from the application of section 4.1 of the Act.

  • SOR/86-430, s. 2.

FORMS AND INFORMATION FOR RETURNS

  • 5. (1) The return required to be filed pursuant to subsection 4(1) of the Act shall be in the form set out in Schedule II.

  • (2) Each corporation that files a return in the form prescribed by subsection (1) shall include therein in addition to the particulars required by subsection 4(1) of the Act, the information required in that form.

  • 6. (1) Where a corporation is required to file a return by section 4.1 of the Act, the return shall be in the form set out in Schedule III.

  • (2) Where a corporation is required to file a return by section 4.2 of the Act, the return shall be in the form set out in Schedule IV.

  • (3) Each corporation that files a return in the form prescribed by subsection (1) or (2) shall include therein the information required by that form.

  • SOR/86-430, s. 3.