Corporations Returns Regulations (SOR/2014-13)

Interpretation

1 In these Regulations, Act means the Corporations Returns Act.

Calculating Gross Revenue and Assets

• 2 (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 must, 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.

• (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 must be determined

  • (a) in the case of a corporation resident in Canada, by adding together the value of each of its assets that was included in its balance sheet prepared 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 of its assets that was included in its balance sheet prepared 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.

Prescribed Amounts for the Purposes of Paragraphs 3(1)(A) and (B) of the Act

• 3 (1) For the purpose of subparagraph 3(1)(a)(i) of the Act, the prescribed greater amount is two hundred million dollars.

• (2) For the purpose of subparagraph 3(1)(a)(ii) of the Act, the prescribed greater amount is six hundred million dollars.

• (3) For the purpose of paragraph 3(1)(b) of the Act, the prescribed greater amount is one million dollars.

Exempted Corporations

4 A corporation is exempt from the application of section 5 of the Act if it has filed

• (a) a Quarterly Survey of Financial Statements under the Statistics Act in accordance with that Act; or

• (b) a T2 Corporation Income Tax Return under the Income Tax Act in accordance with that Act — including, if applicable, Schedule 9, Related and Associated Corporations — using the General Index of Financial Information (GIFI) codes.

Returns

5 The return required to be filed under subsection 4(1) of the Act must be in the form set out in Schedule 1 and must include the information required in that form.

6 The return required to be filed under subsection 5(1) or (2) of the Act, must be in the form set out in Schedule 2 and must include the information required in that form.

Fees

7 The prescribed fee for inspecting, on application, the information referred to in section 16 of the Act is, in respect of information contained in the returns of

• (a) 10 or fewer corporations, $1 for each corporation;

• (b) 11 to 20 corporations, $10 plus 50 cents for each corporation in excess of 10; and

• (c) more than 20 corporations, $15 plus 10 cents for each corporation in excess of 20.

Repeal

8 [Repeal]

Coming into Force

9 These Regulations come into force on the day on which they are registered.