Tax wiki
s. 123.2
PART I — Income Tax · DIVISION E — Computation of Tax · SUBDIVISION B — Rules Applicable to Corporations
Not yet annotated · Text current to 2026-06-21 · section last amended 2008-01-01
Current text
[Repealed, 2006, c. 4, s. 72]
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2006-06-22 to 2007-12-31:
Show the text in force 2006-06-22 to 2007-12-31
Corporation surtax
123.2 (1) There shall be added to the tax otherwise payable under this Part for each taxation year by a corporation an amount equal to the corporation’s specified percentage for the taxation year multiplied by 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”
exceeds
(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.
Specified percentage
(2) The specified percentage of a corporation for a taxation year is that proportion of 4% that the number of days in the taxation year that are before 2008 is of the number of days in the taxation year.
(3) [Repealed, 2006, c. 4, s. 72]
- [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
- 2005, c. 30, s. 9
- 2006, c. 4, s. 72
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 123.2 links to the one before it.
Enacting and amending legislation
- 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; 2005, c. 30, s. 9; 2006, c. 4, s. 72
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 123.2.