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Income Tax Act

Version of section 123.2 from 2004-08-31 to 2005-06-28:

Marginal note:Corporate surtax

 There shall be added to the tax otherwise payable under this Part for each taxation year by a corporation (other than a corporation that was throughout the year a non-resident-owned investment corporation) an amount equal to 4% of 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”


  • (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.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 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

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