O. Reg. 307/07: GENERAL

 

ontario regulation 307/07

made under the

Corporations Tax Act

Made: June 27, 2007
Filed: July 4, 2007
Published on e-Laws: July 4, 2007
Printed in The Ontario Gazette: July 21, 2007

Amending Reg. 183 of R.R.O. 1990

(General)

1. (1) Paragraph 1 of subsection 204 (3) of Regulation 183 of the Revised Regulations of Ontario, 1990 is amended by striking out “or” at the end of sub-subparagraph i B and by adding the following subparagraph:

i.1 property that would be described in Class 43.2 of Schedule II of the regulations made under the Income Tax Act (Canada) if,

A. the description of Class 43.2 were read without reference to the words “and before 2012”,

B. the reference in the description of Class 43.2 to property that would otherwise be included in Class 43.1 were read as a reference to property that would otherwise be included in Class 43.1 if,

1.  the description of Class 43.1 were read without clauses (c) (ii) (B) and (d) (ii) (A), and

2.  subparagraph (d) (iii) of the description of Class 43.1 were read without reference to the words “if the resulting annual average generating capacity of the hydro-electric installation does not exceed 15 megawatts”, and

C. the reference to paragraph (d) of Class 43.1 of the Schedule in paragraph (b) of the description of Class 43.2 of the Schedule were read as a reference to paragraph (d) of Class 43.1 of the Schedule as that paragraph would read,

1.  without clause (d) (ii) (A), and

2.  without reference to the words “if the resulting annual average generating capacity of the hydro-electric installation does not exceed 15 megawatts” at the end of subparagraph (d) (iii), or

(2) Subsection 204 (5) of the Regulation is amended by adding the following paragraph:

1.1 For property described in subparagraph 1 i.1 of subsection (3), the taxpayer acquired the property after February 22, 2005 and before January 1, 2008.

2. (1) Subsection 701 (1) of the Regulation is amended by striking out the portion before paragraph 1 and substituting the following:

(1) The following amounts are prescribed as amounts that are not included in the paid-up capital of a corporation for a taxation year for the purposes of clause 61 (1) (d) of the Act, if the taxation year ends after May 19, 1993 and before May 19, 2004, or for the purposes of clause 61 (1) (e) of the Act, if the taxation year ends after May 18, 2004:

. . . . .

(2) Subsections 701 (2) and (3) of the Regulation are amended by striking out “clause 61 (1) (d)” wherever it appears and substituting in each case “clause 61 (1) (d) or (e)”.

(3) Subsection 701 (4) of the Regulation is revoked and the following substituted:

(4) The amounts prescribed by subsection (1) that relate to a permanent establishment in Canada of a corporation that is liable to the taxes imposed under the Act by virtue of clause 2 (2) (a) or (b) of the Act are prescribed for the purposes of subclause 63 (1) (b) (i) of the Act in determining the amount of the corporation’s paid-up capital employed in Canada for taxation years ending after May 19, 1993 and before May 19, 2004.

3. Subsection 703 (2) of the Regulation is amended by adding the following paragraphs:

30.1 VFC Inc., for taxation years ending after April 19, 2006.

30.2 Accredited Home Lenders Canada Inc., for taxation years ending after December 31, 2005.

4. This Regulation comes into force on the day it is filed.