Tax wiki
s. 190.17
PART VI — Tax on Capital of Financial Institutions · Calculation of Capital Tax
Not yet annotated · Text current to 2026-06-21 · section last amended 2007-02-21
Current text
[Repealed, 2007, c. 2, s. 42]
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2004-08-31 to 2007-02-20:
Show the text in force 2004-08-31 to 2007-02-20
Enhanced capital deduction
190.17 (1) For the purpose of subsection 190.1(1.2), the enhanced capital deduction of a corporation for a taxation year is $400,000,000, unless the corporation was related to a financial institution (other than a life insurance corporation) at the end of the year, in which case, subject to subsection 190.17(4), the corporation’s enhanced capital deduction for the year is nil.
Related financial institution
(2) A corporation that is a financial institution at any time in a taxation year and that is related to another financial institution (other than a life insurance corporation) at the end of the year may file with the Minister an agreement in prescribed form on behalf of the related group of which the corporation is a member under which an amount that does not exceed $400,000,000 is allocated among the members of the group for the year.
Minister’s powers
(3) The Minister may request a corporation that is a financial institution at any time in a taxation year and that is related to any other financial institution (other than a life insurance corporation) at the end of the year to file with the Minister an agreement referred to in subsection 190.17(2) and, if the corporation does not file such an agreement within 30 days after receiving the request, the Minister may allocate an amount that does not exceed $400,000,000 among the members of the related group of which the corporation is a member for the year.
Least amount allocated
(4) The least amount allocated for a taxation year to a member of a related group under an agreement described in subsection 190.17(2) or by the Minister under subsection 190.17(3) is the enhanced capital deduction for the taxation year of the member, but, if no such allocation is made, the enhanced capital deduction of the member for the year is nil.
Provisions applicable to Part
(5) Subsections 190.15(5) and 190.15(6) apply to this section with such modifications as the circumstances require.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1996, c. 21, s. 50
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 190.17 links to the one before it.
Enacting and amending legislation
- 1996, c. 21, s. 50; 2007, c. 2, s. 42
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. 190.17.