Exempt corporations

Not yet annotated · Text current to 2026-06-21 · section last amended 2017-12-14

Current text

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; 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.

Source: Justice Laws Website. Not an official version.

Historic text

Immediately preceding version, in force from 2007-12-14 to 2017-12-13:

Show the text in force 2007-12-14 to 2017-12-13

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.

[NOTE: Application provisions are not included in the consolidated text
see relevant amending Acts and regulations.]
R.S., 1985, c. 1 (5th Supp.), s. 186.1
1998, c. 19, s. 200
2007, c. 35, s. 55

This version on Justice Laws

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 186.1 links to the one before it.

Enacting and amending legislation

R.S., 1985, c. 1 (5th Supp.), s. 186.1; 1998, c. 19, s. 200; 2007, c. 35, s. 55; 2017, c. 33, s. 64

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

No other section of the Act refers to this section, and it refers to no other section.

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 186.1.