Income Tax Act

Marginal note:Exempt corporations

186.1 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.