,canada ,cu/oms                       #a
& ,rev5ue ,ag5cy

          ,9t]pret,n ,bullet9
    
,subject3 ,9come ,tax ,act
  ,a4i;nal ,tax on ,c]ta9 ,corpor,ns
  ,c>ry+ on ,busi;s 9 ,canada4
,numb]3 ,,it-#acg;,r#c
,date3 ,janu>y #ca1 #aiij
,ref];e3 ,sec;n #bai 7al sec;ns #hh.a1
  #bai.a & #bai.b & subsec;n #eb7#g7 (!
  ,act1 & sec;n #hjh (! ,regul,ns7

               ,applic,n
    
  ,? bullet9 replaces & c.els ,9t]pret,n
,bullet9 ,,it-#acg;,r#b dat$ ,septemb]
#h1 #aihb4 ,curr5t revi.ns >e designat$
0v]tical l9es4

                ,summ>y
    
  ,? bullet9 4cusses ! situ,ns 9 : a ,"p
,,xiv tax 2comes paya#1 ! rate (      #a
             ,,it-#acg;,r#c          a#a
tax &! me?od ( det]m9+ ! am.t 6: x
applies4 ,sec;n #bai imposes a special
tax1 g5],y ref]r$ 6z 8,bran* ,tax01 on
c]ta9 corpor,ns 7g5],y non-,canadian
corpor,ns7 c>ry+ on busi;s 9 ,canada4 ,?
tax1 : is 9 a4i;n 6! normal ,"p ;,i tax1
is impos$ on ! corpor,n's af-tax
,canadian s\rce 9come1 z adju/$ 0deduct+
an all[.e = 9ve/;t 9 prop]ty 9 ,canada4
,sec;n #bai.a imposes a special tax 7see
#b 2l7 paya# :5 a corpor,n emigrates f
,canada4

          ,4cus.n & ,9t]pret,n
    
#a4 ,:ile sec;n #bai is -monly ?"\ ( z
  impos+ a tax on ! bran* op],ns 9
  ,canada (a non-resid5t corpor,n1 x is
  n re/rict$ 9 xs applic,n 6bran* op],ns
  or 6non-resid5t corpor,ns4 ,sec;n #bai
  applies 6e corpor,n t is n1 "?\t !
  ye>1 a ,canadian corpor,n z def9$ 9
  p>agraph #hi7#a77a7 & ?us applies 6any
  corpor,n c>ry+ on busi;s 9          #b
             ,,it-#acg;,r#c          b#a
  ,canada 9 a "picul> tax,n ye> t 0 n
  9corporat$ 9 ,canada &
  7a7 0 n1 "?\t ! tax,n ye>1 resid5t 9
    ,canada1 or
  7b7 was1 "?\t ! tax,n ye>1 resid5t 9
    ,canada b 0 n resid5t 9 ,canada
    3t9u\sly s9ce ,june #ah1 #aiga4 ,a
    corpor,n 9corporat$ 9 ,canada is n
    subject 6sec;n #bai un.s x has
    emigrat$ f ,canada "u circum/.es
    describ$ 9 sec;n #hh.a4 ,": ? is !
    case1 sec;n #bai w 9iti,y apply 6!
    tax,n ye> deem$ 0p>agraph #hh.a7c7
    6h -m;ed at ! "t ( emigr,n4
--------------------------------------#b
#b4 ,a corpor,n : has emigrat$ f ,canada
  7i4e41 "o : is deem$ 0p>agraph
  #hh.a7d7 n 6be a ,canadian corpor,n at
  a "picul> "t & at all subsequ5t "ts7
  is subject 6tax "u sec;n #bai.a =!
  tax,n ye> t is deem$ 0p>agraph
  #hh.a7c7 6h 5d$ at ! "t ( emigr,n4 ,!
  tax is #be p]c5t (! am.t 0: ! fair
  m>ket value ( xs prop]ties exce$s   #c
             ,,it-#acg;,r#c          a#b
  ! sum ( xs pd-up capital 7det]m9$
  immly 2f ! ye> 5d7 & xs liabilities at
  ! ye> 5d1 o!r ?an xs liabil;y 6pay
  divid5ds4
#c4 ,! /&>d rate ( tax impos$ 0sec;n
  #bai is #be p]c5t4 ,! imposi;n ( tax
  "u sec;n #bai is subject 6any ov]rid+
  provi.n 9 a bilat]al 9come tax tr1ty t
  may exempt or "ply exempt a corpor,n
  f1 or limit ! rate (1 ? tax 7see
  ,,it-#bgg;,r 8,bran* ,tax--,e6ect (
  ,tax ,tr1ties074 ,sec;n #bai.b
  provides t ": a corpor,n is resid5t 9
  a c.try ) : ,canada has an 9come tax
  tr1ty t
  7a7 does n limit ! rate ( a4i;nal tax
    on corpor,ns resid5t 9 t c.try1 b
  7b7 does limit ! rate ( tax impos$ on
    divid5ds pd 0a corpor,n resid5t 9
    ,canada 6a resid5t ( t c.try1 ! rate
    ( tax impos$ "u sec;n #bai 9 any
    tax,n ye> 9 : ! tr1ty appli$ on !
    la/ "d ( t tax,n ye> may n exce$ !
    maximum rate ( ,canadian non-     #d
             ,,it-#acg;,r#c          b#b
    resid5t )hold+ tax applica#
    6divid5ds "u t tr1ty4
#d4 ,! am.t on : ! #be p]c5t rate ( tax
  7or any l[] rate ( tax applica# 9
  a3ord.e )a tr1ty7 is levi$ di6]s =
  non-,canadian corpor,ns n resid5t 9
  ,canada & non-,canadian corpor,ns
  resid5t 9 ,canada1 :e!r resid5t =!
  :ole ye> or "p (! ye>4 ,a summ>y (!
  requir$ calcul,ns appe>s 9 #e & #f 2l
  "u ^? two h1d+s4 ,x %d 2 not$ t !
  prim>y figure 9 ! calcul,n is1 =a
  corpor,n n resid5t 9 ,canada at any "t
  9 ! ye>1 xs 8taxa# 9come e>n$ 9
  ,canada0 =! tax,n ye> &1 =a corpor,n
  resid5t 9 ,canada = "p or all (! ye>1
  xs 8taxa# 9come01 : 9cludes !
  corpor,n's _w 9come =! ye>4

      ,non-,canadian ,corpor,ns ,n
           ,resid5t 9 ,canada
    
#e4 ,a non-,canadian corpor,n t 0 n
  resid5t 9 ,canada at any "t 9 !     #e
             ,,it-#acg;,r#c          c#b
  tax,n ye> is subject 6tax "u sec;n
  #bai on an am.t calculat$ z foll[s3
  7;i7 8,taxa# 9come e>n$ 9
    ,canada0 7)9 ! m1n+ ( t t]m
    9 subsec;n #bdh7#a77 =!
    tax,n ye> """"""""""""""""""" 4#----
--------------------------------------#c
  .,add
  7;ii7 am.t deduct$ "u sec;n
    #aab 9 -put+ taxa# 9come
    e>n$ 9 ,canada =! tax,n ye>
    9 respect ( taxa# divid5ds
    rcvd """""""""""""""""""""""" 4#----
  7;iii7 am.t deduct$ z a
    res\rce all[.e 9 -put+ taxa#
    9come e>n$ 9 ,canada =!
    tax,n ye> """"""""""""""""""" 4#----
  7;iv7 excess ( fair m>ket
    value ( 8qualifi$ prop]ty0
    4pos$ ( 9 ! tax,n ye> ov]
    proce$s ( 4posi;n 7see #g 2l
    = details71 & """"""""""""""" 4#----
  
                                      #f
             ,,it-#acg;,r#c          a#c
  7;v7 am.t claim$ =! immly
    prec$+ tax,n ye> z an all[.e
    9 respect ( xs 9ve/;t 9
    prop]ty 9 ,canada """"""""""" 4#----
 """""""""""""""""""""""""""""""" 4#----
  .,deduct
  7;vi7 net taxa# capital ga9s
    7i4e41 taxa# capital ga9s
    m9us all[a# capital losses7
    on ! 4posi;n ( 8taxa#
    ,canadian prop]ties0 7see #i
    2l7 n us$ or held 9 ! ye> 9
    ! c\rse ( c>ry+ on busi;s 9
    ,canada 7n 6exce$ net taxa#
    capital ga9s f all 4posi;ns
    9 ! ye> ( taxa# ,canadian
    prop]ties7 """""""""""""""""" 4#----
  7;vii7 tax paya# "u ,"p ;,i =!
    tax,n ye> less ! por;n ( t
    tax attributa# 6net taxa#
    capital ga9s specifi$ 9
    7;vi7 abv """"""""""""""""""" 4#----
  
                                      #g
             ,,it-#acg;,r#c          b#c
  7;viii7 non-deducti# 9come
    taxes paya# 6a prov9cial
    gov]n;t =! tax,n ye> less !
    por;n ( s* 9come taxes
    attributa# 6! net taxa#
    capital ga9s specifi$ 9
    7;vi7 abv """"""""""""""""""" 4#----
--------------------------------------#d
  7;ix7 all[.e claim$ =! ye> 9
    respect (! 9ve/;t 9 prop]ty
    9 ,canada 7applica# only if
    ! corpor,n 0 c>ry+ on busi;s
    9 ,canada at ! 5d (! tax,n
    ye>71 n exce$+ ! maximum
    am.t specifi$ 9 subsec;n
    #hjh7#a7 (! ,regul,ns 7see
    #ac 2l7 """"""""""""""""""""" 4#----
  7;x7 am.ts 9clud$ 9 -put+
    taxa# 9come e>n$ 9 ,canada
    =! tax,n ye> 9 respect (
    ,cr[n res\rce royalties or !
    l1 6! ext5t s* am.ts >e n
    deducti# "u 7;viii7 or 7;ix7
    abv1 & taxes pd or paya# 6!       #h
             ,,it-#acg;,r#c          a#d
    ,cr[n 7g5],y 9 respect (
    produc;n or process+ (
    petroleum prior 6,octob]
    #aihf--see #ai 2l7 "u !
    ,petroleum & ,gas ,rev5ue
    ,tax ,act1 & """""""""""""""" 4#----
  7;xi7 excess ( fair m>ket
    value ( any 8qualifi$
    prop]ty0 4pos$ ( 9 ! tax,n
    ye> ov] ! sum (! 9cr1se 9
    pd-up capital result+ f !
    4posi;n plus ! fair m>ket
    value (! non-%>e 3sid],n
    rcvd 7see #g 2l = details7 "" 4#----
 """""""""""""""""""""""""""""""" 4#----
    ,am.t subject 6tax "u sec;n
    #bai """""""""""""""""""""""" 4#----
  





                                      #i
       ,non-,canadian ,corpor,ns     b#d
           ,resid5t 9 ,canada
    
#f4 ,a non-,canadian corpor,n t 0
  resid5t 9 ,canada at any "t 9 ! tax,n
  ye> is subject 6tax "u sec;n #bai on
  an am.t calculat$ z foll[s3
  7;i7 8,taxa# 9come0 7)9 ! m1n+
    ( t t]m 9 subsec;n #bdh7#a77
    =! tax,n ye> """""""""""""""" 4#----
--------------------------------------#e
  .,add
  7;ii7 am.t deduct$ "u sec;n
    #aab 9 -put+ taxa# 9come =!
    tax,n ye> 9 respect ( taxa#
    divid5ds rcvd """"""""""""""" 4#----
  7;iii7 am.t deduct$ z a
    res\rce all[.e 9 -put+ taxa#
    9come =! tax,n ye> """""""""" 4#----
  7;iv7 excess ( fair m>ket
    value ( 8qualifi$ prop]ty0
    4pos$ ( 9 ! tax,n ye> ov]
    proce$s ( 4posi;n 7see #g 2l
    = details7 """""""""""""""""" 4#----
                                     #aj
             ,,it-#acg;,r#c          a#e
  7;v7 am.t claim$ =! immly
    prec$+ tax,n ye> z an all[.e
    9 respect ( xs 9ve/;t 9
    prop]ty 9 ,canada1 & """""""" 4#----
  7;vi7 am.t claim$ =! immly
    prec$+ tax,n ye> 9 respect
    (! cumulative excess (
    divid5ds pd 0! corpor,n z
    det]m9$ 9 a3ord.e ) 7;xii7
    2l """""""""""""""""""""""""" 4#----
 """""""""""""""""""""""""""""""" 4#----
  .,deduct
  7;vii7 tax paya# "u ,"p ;,i =!
    tax,n ye> """"""""""""""""""" 4#----
  7;viii7 non-deducti# 9come
    taxes paya# 6a prov9cial
    gov]n;t =! tax,n ye> """""""" 4#----
  7;ix7 am.t deduct$ f tax
    o!rwise paya# "u ,"p ;,i =!
    tax,n ye> z a cr$it 9
    respect ( taxes pd 6a =eign
    gov]n;t """"""""""""""""""""" 4#----
  
                                     #aa
             ,,it-#acg;,r#c          b#e
  7;x7 #ej p]c5t (! am.t ( net
    9come 7see #h 2l7 f non-
    ,canadian s\rces =! tax,n
    ye> 7: #ej p]c5t repres5ts !
    am.t ( s* 9come m9us an
    assum$ 9come tax rate ( #ej
    p]c5t "!(7 )! deducti# am.t
    n 6exce$ #ej p]c5t (!
    corpor,n's taxa# 9come =!
    tax,n ye> """"""""""""""""""" 4#----
--------------------------------------#f
  7;xi7 all[.e claim$ =! ye> 9
    respect (! 9ve/;t 9 prop]ty
    9 ,canada 7applica# only if
    ! corpor,n 0 c>ry+ on busi;s
    9 ,canada at ! 5d (! tax,n
    ye>71 n exce$+ ! maximum
    am.t specifi$ 9 subsec;n
    #hjh7#a7 (! ,regul,ns 7see
    #ac 2l7 """"""""""""""""""""" 4#----
  7;xii7 all[.e claim$ =! ye> 9
    respect (! divid5ds pd 0!
    corpor,n af x la/ 2came
    resid5t 9 ,canada1 :ile          #ab
             ,,it-#acg;,r#c          a#f
    resid5t 9 ,canada & 2f ! 5d
    (! ye>1 6! ext5t t !
    a7regate ( s* divid5ds
    exce$s ! a7regate ( am.ts
    ea* ( : is equal 6#ej p]c5t
    (! less] (
    7,a7 ! corpor,n's taxa#
      9come1 &
    7,b7 ! corpor,n's net 9come
      7see #h 2l7 f non-
      ,canadian s\rces
    = ea* tax,n ye> 5d+ af x la/
    2came resid5t 9 ,canada & n
    lat] ?an ! 5d (! ye> """""""" 4#----
  7;xiii7 am.ts 9clud$ 9 -put+
    taxa# 9come =! tax,n ye> 9
    respect ( ,cr[n res\rce
    royalties or ! l1 6! ext5t
    s* am.ts >e n deducti# "u
    7;viii7 or 7;xi7 abv1 &
    taxes pd or paya# 6! ,cr[n
    7g5],y 9 respect ( produc;n
    or process+ ( petroleum
    prior 6,octob] #aihf--see        #ac
             ,,it-#acg;,r#c          b#f
    #ai 2l7 "u ! ,petroleum &
    ,gas ,rev5ue ,tax ,act1 & """ 4#----
  7;xiv7 excess ( fair m>ket
    value ( any 8qualifi$
    prop]ty0 4pos$ ( 9 ! tax,n
    ye> ov] ! 9cr1se 9 pd-up
    capital result+ f ! 4posi;n
    plus ! fair m>ket value (!
--------------------------------------#g
    non-%>e 3sid],n rcvd 7see #g
    2l = details7 """"""""""""""" 4#----
 """""""""""""""""""""""""""""""" 4#----
    ,am.t subject 6tax "u sec;n
    #bai """""""""""""""""""""""" 4#----
  
#g4 ,p>agraph #bai7#a77a4#d7 7describ$ 9
  #e7;iv7 & #f7;iv7 abv7 sets \ c]ta9
  am.ts 6be 9clud$ 9 -put+ ! am.t
  subject 6tax "u sec;n #bai1 & p>agraph
  #bai7#a77k7 7describ$ 9 #e7;xi7 &
  #f7;xiv7 abv7 sets \ c]ta9 am.ts t may
  2 deduct$ 9 -put+ ! am.t subject 6s*
  tax4 ,^! a4i;ns & deduc;ns >e design$
  6facilitate ! 9corpor,n 0non-      #ad
             ,,it-#acg;,r#c          a#g
  ,canadian corpor,ns ( _! ,canadian
  bran* op],ns4 ,prior 6! 5act;t ( ^!
  provi.ns1 a non-,canadian corpor,n
  9corporat+ xs bran* busi;s fac$ !
  8recapture0 (! 9ve/;t all[.e x claim$
  =! prior tax,n ye> ) no abil;y 6(fset
  any por;n ( ? 8recapture0 ev5 ?\< !
  prop]ty transf]r$ f ! bran* 3t9u$ 6be
  us$ 9 a busi;s 9 ,canada4

  ,! provi.ns apply ) respect 6! transf]
  ( 8qualifi$ prop]ty0 6a ,canadian
  corpor,n :olly [n$ 0! non-,canadian
  corpor,n immly af ! transf] ": !
  3sid],n rcvd 0! non-,canadian corpor,n
  9cludes %>es (! ,canadian corpor,n4
  ,qualifi$ prop]ty is prop]ty t immly
  2f ! transf] 0 us$ 0! non-,canadian
  corpor,n 6ga9 or produce 9come f xs
  ,canadian busi;s4

  ,me*anic,y1 p>agraph #bai7#a77a4#d7
  requires an a4i;n1 9 -put+ ! am.t
  subject 6tax "u sec;n #bai1 (!     #ae
             ,,it-#acg;,r#c          b#g
  excess (! fair m>ket value (! qualifi$
  prop]ty at ! "t ( 4posi;n ov] ! non-
  ,canadian corpor,n's proce$s ( 4posi;n
  (! prop]ty4 ,if ! bran* prop]ty is
  transf]r$ "u subsec;n #he7#a71 !
  proce$s ( 4posi;n "!( w 2 det]m9$ "u t
  subsec;n4 ,p>agraph #bai7#a77k7 p]mits
  a deduc;n1 9 -put+ ! am.t subject 6tax
  "u sec;n #bai1 (! am.t 0: ! fair m>ket
  value (! qualifi$ prop]ty at ! "t ( xs
  4posi;n exce$s ! a7regate (! am.t (!
  9cr1se 9 ! pd-up capital (! capital
  /ock (! ,canadian corpor,n z a result
  (! 4posi;n &! fair m>ket value1 at !
  "t ( receipt1 ( any non-%>e 3sid],n
  giv5 0! ,canadian corpor,n4

  ,subsec;n #eb7#g7 e/abli%es ! adju/$
  co/ base ( %>es rcvd 0! non-,canadian
  corpor,n 9 s* transac;ns4



                                     #af
             ,,it-#acg;,r#c           #h
#h4 ,=! purposes ( #f7;x7 & #f7;xii7
  abv1 ! t]m 8net 9come0 m1ns ! am.t 0:
  7a7 ! a7regate (! corpor,n's 9comes =a
    tax,n ye> f busi;ses or prop]ties &
    xs taxa# capital ga9s =! ye> f
    4posi;ns ( prop]ty exce$s
  7b7 ! a7regate (! corpor,n's losses =!
    ye> f busi;ses or prop]ties & xs
    all[a# capital losses =! ye> f
    4posi;ns ( prop]ty4
  
      8,taxa# ,canadian ,prop]ty0
    
#i4 ,= purposes ( #e7;vi7 abv1 ! t]m
  8taxa# ,canadian prop]ty0 has ! m1n+
  assign$ 6x 9 p>agraph #aae7#a77b7 7see
  ,,it-#dbj;,r#b 8,non-,resid5ts--,9come
  ,e>n$ 9 ,canada074

           ,exempt ,corpor,ns
    
#aj4 ,a corpor,n is n lia# = tax "u
  sec;n #bai =a tax,n ye> if x was1 "?\t
  ! ye>1                             #ag
             ,,it-#acg;,r#c          a#h
  7a7 a bank1
  7b7 a corpor,n ^: pr9cipal busi;s 0
    7;i7 ! transport,n ( p]sons or gds1
    7;ii7 -munic,ns1 or
    7;iii7 m9+ iron ore 9 ,canada1 or
  7c7 a corpor,n exempt f tax "u sec;n
    #adi4
#aa4 ,if ! pr9cipal busi;s (a corpor,n
  "?\t ! _w is ! transport,n ( p]sons or
  gds1 or -munic,ns1 x is exempt f tax
  "u sec;n #bai reg>d.s (! nature ( xs
  ,canadian busi;s4 ,h["e1 9 ! case (a
  corpor,n m9+ iron ore 9 ,canada1 xs
  op],n ( t nature 9 ,canada m/ 2 xs
  pr9cipal busi;s "?\t ! _w if x is
  6qualify = exemp;n "u sec;n #bai4

         ,non-,resid5t ,9sur.e
               ,corpor,ns
    
#ab4 ,subsec;ns #bai7#d7 to 7#h7 >e
  applica# 6non-resid5t 9sur.e corpor,ns
  c>ry+ on busi;s 9 ,canada4 ,special
  rules >e provid$ 6all[ 9sur.e      #ah
             ,,it-#acg;,r#c          b#h
  corpor,ns 6transf] bran* assets 6a
  8qualifi$ relat$ corpor,n0 9 ord]
  6def] ! #be@3p tax paya# "u subsec;n
  #bai7#e.a74 ,see -;ts 9 #c abv on
  rates ( tax &! possi# applic,n (a
  bilat]al 9come tax tr1ty4

     ,all[.e 9 ,respect ( ,9ve/;t 9
           ,prop]ty 9 ,canada
    
#ac4 ,! maximum all[.e =a tax,n ye>1
  ref]r$ 6in #e7;ix7 & #f7;xi7 abv1 t
  may 2 claim$ 0a corpor,n 9 respect (
  xs 9ve/;t 9 prop]ty 9
--------------------------------------#i
  ,canada is calculat$1 pursuant
  6subsec;n #hjh7#a7 (! ,regul,ns1 z
  foll[s3
  7;i7 ! am.t (! corpor,ns's
    8qualifi$ 9ve/;t 9 prop]ty 9
    ,canada0 7see #ad 2l7 at !
    5d (! tax,n ye> """"""""""""" 4#----
  
                                     #ai
             ,,it-#acg;,r#c          a#i
  .,deduct
  7;ii7 ! total ( all[.es 9
    respect ( an 9ve/;t 9
    prop]ty 9 ,canada claim$ z a
    deduc;n "u subsec;n
    #aaj;,b7#a7 (! pre-#aigb
    ,9come ,tax ,act = tax,n
    ye>s 5d+ 2f #aigb1 & """""""" 4#----
  7;iii7 ! capital 9ve/;t (!
    corpor,n 9 prop]ty 9 ,canada
    at ! 5d ( xs #aifj tax,n ye>  4#----
 """""""""""""""""""""""""""""""" 4#----
    ,maximum all[.e """"""""""""" 4#----
  
#ad4 ,! qualifi$ 9ve/;t 9 prop]ty 9
  ,canada (a corpor,n at ! 5d (a tax,n
  ye> is calculat$ 9 a3ord.e )! rules 9
  subsec;ns #hjh7#b7 & 7#c7 (! ,regul,ns
  un.s ! corpor,n1 at ! 5d (! tax,n ye>1
  0 a memb] (a "pn]%ip t c>ri$ on busi;s
  9 ,canada at any "t 9 ! ye>4 ,9 !
  latt] case1 qualifi$ 9ve/;t 9 prop]ty
  9 ,canada is calculat$ 9 a3ord.e )!
                                     #bj
             ,,it-#acg;,r#c          b#i
  rules 9 subsec;ns #hjh7#d71 7#e7 &
  7#f7 (! ,regul,ns4
#ae4 ,:5 a corpor,n t has be5 subject
  6tax "u sec;n #bai c1ses 6c>ry on
  busi;s 9 ,canada1 ! am.t deduct$ =!
  immly prec$+ tax,n ye> 9 respect ( xs
  qualifi$ 9ve/;t 9 prop]ty 9 ,canada m/
  2 9clud$ 9 ! am.t subject 6tax "u
  sec;n #bai =! tax,n ye> 9 : ! busi;s
  c1s$1 b no all[.e = s* 9ve/;t may 2
  claim$ z at ! 5d ( t ye>4 7,h["e1 see
  -;ts 9 #g abv 3c]n+ a corpor,n c1s+ 6d
  busi;s on ! sale ( xs busi;s assets 6a
  ,canadian subsidi>y :olly-[n$
  corpor,n47 ,al? no 9ve/;t all[.e may 2
  claim$ at ! 5d (! ye>1 no 8recapture0
  is made ( all[.es 7see #ac7;ii7 abv7
  claim$ = #aiga & prior tax,n ye>s4
#af4 ,qualifi$ 9ve/;t 9 prop]ty 9
  ,canada 9cludes c]ta9 liquid assets z
  def9$ 9 subsec;n #hjh7#c7 (! ,regul,ns
  =a corpor,n & 9 subsec;n #hjh7#f7 (!
  ,regul,ns =a "pn]%ip4 ,! specifi$
  liquid assets t qualify ne$ n 2    #ba
             ,,it-#acg;,r#c          c#i
  id5tifi$ )! busi;s c>ri$ on 9 ,canada4
  ,an am.t deposit$ )a bank or o!r
  recogniz$ f9ancial 9/itu;n1 9 ei
  ,canadian
-------------------------------------#aj
  or a =eign curr5cy1 qualifies only if
  ! deposit is )a bran* or o!r (fice 9
  ,canada ( t 9/itu;n4 ,prepd exp5ses or
  deposits d n qualify z all[a# liquid
  assets or o!rwise z an 9ve/;t 9
  prop]ty4
#ag4 ,! t]m 8co/ am.t0 ": us$ 9 sec;n
  #hjh (! ,regul,ns has ! m1n+ assign$
  6x 9 subsec;n #bdh7#a7 (! ,act4

     ,returns1 ,assess;ts1 ,pay;ts
               & ,app1ls
    
#ah4 ,subsec;n #bai7#c7 provides t !
  provi.ns ( ,divi.n ;,j &1 ) "s
  excep;ns s* z ! require;t 6pay tax
  09/al;ts1 ,divi.n ;,i ( ,"p ;,i apply
  6tax paya# "u sec;ns #bai & #bai.a4
  ,2f ,octob] #bi1 #aihe1 !          #bb
             ,,it-#acg;,r#c         a#aj
  provi.ns ( ,divi.n ;,j did n apply )!
  result t assess;ts "u sec;ns #bai &
  #bai.a previ\sly cd n 2 app1l$ 6! ,tax
  ,c\rt ( ,canada or 6! ,f$]al ,c\rt4

     ,petroleum & ,gas ,rev5ue ,tax
           ,act 7,,pgrt ,act7
    
#ai4 ,on ,decemb] #ai1 #aihf1 ! ,,pgrt
  ,act 0 rep1l$ e6ective ) respect
  69come or loss (a taxpay] f a s\rce t
  is
  7a7 ! produc;n af ,septemb] #aihf (
    petroleum or gas2
  7b7 ! process+ 9 ,canada af ,septemb]
    #aihf ( petroleum 6any /age t is n
    2y ! /age ( crude oil or xs
    equival5t2 or
  




                                     #bc
             ,,it-#acg;,r#c         b#aj
  7c7 any am.t rcvd or receiva# 0!
    taxpay] z1 on a3.t ( or 9 lieu (
    pay;t (1 or 9 satisfac;n (1 a
    produc;n royalty or res\rce royalty
    -put$ 0ref];e 6! am.t or value (
    produc;n af ,septemb] #aihf (
    petroleum or gas4
















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