Airport Transfer (Miscellaneous Matters) Act (S.C. 1992, c. 5)

Marginal note:Exemption from income tax

• 8 (1) No tax is payable under Part I of the Income Tax Act by a corporation for a taxation year commencing after 1990 on that portion of its taxable income for the year that may reasonably be regarded as being derived from an airport business if

  • (a) throughout the year, the corporation was a designated airport authority and no part of the income or capital of the corporation was or became payable to, or otherwise available for the personal benefit of, any member or shareholder of the corporation; and

  • (b) all or substantially all of the gross revenue of the corporation, other than dividends received from a taxable Canadian corporation, in the year was derived from an airport business.

• Marginal note:Idem

  (2) No tax is payable under Parts I.3, IV and IV.1 of the Income Tax Act by a corporation for a taxation year commencing after 1990 for which no tax is payable on all or a portion of its taxable income by reason of subsection (1).

• Marginal note:Same meaning

  (3) Unless a contrary intention appears, words and expressions used in this section have the same meaning as in the Income Tax Act.

• Marginal note:Definitions

  (4) For the purposes of subsection (1),

  airport business

  airport business means the business of operating an airport and any activities incidental or pertaining to that operation and, without restricting the generality of the foregoing, includes the rental or leasing of real property situated at the airport, the making of investments, the granting of franchises, concessions and licences and the provision of parking facilities at the airport and heliport facilities and bus services serving the airport, but does not include activities relating to the operation of a hotel, motel, restaurant, bar, retail or wholesale store, a motor vehicle rental or leasing service, a taxi or limousine service, a freight transportation service, an airline, an aircraft rental or leasing service, an aircraft fuelling or maintenance service, a currency exchange service or an amusement or entertainment centre or any prescribed activity; (activités aéroportuaires)

  taxation year

  taxation year, in respect of a corporation, means

  • (a) where the corporation is designated as a designated airport authority in a taxation year of the corporation, only that part of that year following the designation, and

  • (b) where the corporation ceases to be a designated airport authority in a taxation year of the corporation, only that part of that year preceding the cessation. (année d’imposition)