Tax wiki
s. 190.16
PART VI — Tax on Capital of Financial Institutions · Calculation of Capital Tax
Not yet annotated · Text current to 2026-06-21 · section last amended 2013-06-26
Current text
[Repealed, 2013, c. 34, s. 331]
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2007-02-21 to 2013-06-25:
Show the text in force 2007-02-21 to 2013-06-25
Application to taxation year including July 1, 2006
190.16 (1) If a taxation year of a corporation begins before and ends on or after July 1, 2006, notwithstanding any other provision of this Part, the tax payable under this Part by the corporation for the taxation year is equal to the total of
(a) that proportion of the amount that would be the tax payable by the corporation under this Part for the taxation year, if this Part were read as it applied to the 2005 taxation year, that the number of days in the taxation year that are before that day is of the number of days in the taxation year, and
(b) that proportion of the amount that would, if this Part were read without reference to this section, be the tax payable by the corporation under this Part for the taxation year that the number of days in the taxation year that are on or after that day is of the number of days in the taxation year.
Proportionate allocation
(2) Any allocation made for the purpose of paragraph (1)(a) under subsection 190.15(2) or (3) shall be in the same proportion as the allocation, if any, made for the purpose of paragraph (1)(b) under subsection 190.15(2) or (3).
Capital deduction deemed
(3) For the purpose of applying subsection 190.15(5) to a corporation for a taxation year that is described in that subsection in circumstances where the “first such taxation year” referred to in that subsection is a taxation year to which subsection (1) applies, the capital deduction of the corporation for that “first such taxation year” is deemed to be the total of
(a) that proportion of the capital deduction amount allocated to the corporation for the purposes of paragraph (1)(a) that the number of days in the taxation year that are before July 1, 2006 is of the number of days in the taxation year, and
(b) that proportion of the capital deduction amount allocated to the corporation for the purposes of paragraph (1)(b) that the number of days in the taxation year that are after June 30, 2006 is of the number of days in the taxation year.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1994, c. 21, s. 91
- 2007, c. 2, s. 42
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 190.16 links to the one before it.
Enacting and amending legislation
- 1994, c. 21, s. 91; 2007, c. 2, s. 42; 2013, c. 34, s. 331
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. 190.16.