Section 134.2 — Income Tax Act: Revocation

This section applies to a corporation that revokes at any time (in this section described as the “revocation time”) its election to be taxed under section 133; elects to have this section apply, by filing an election in writing with the Minister on or before the corporation’s filing-due date for the taxation year of the corporation (in this section referred to as the “revocation year”) that would have included the revocation time if the corporation had not so elected; and specifies in the election a time (in this section referred to as the “elected time”) that is in the revocation year and is not after the revocation time. Where this section applies to a corporation, the corporation’s taxation year that would have included the elected time, if the corporation had not elected to have this section apply, is deemed to end immediately before the elected time; a new taxation year of the corporation is deemed to begin at the elected time; and notwithstanding paragraph (f) of the definition non-resident-owned investment corporation in subsection 133(8), the corporation is deemed to be a non-resident-owned investment corporation for the period that begins at the beginning of the revocation year and ends immediately before the elected time.