profit in a subsequent year

(ii) if the difference that results from subtracting calculated net profits from revenue to be equalized from mining revenues in the province for the fiscal year is less than or equal to zero, the calculated net profits in the province for the fiscal year less the aggregate, over the preceding fiscal years beginning with fiscal year 2004-2005, of the positive amounts that resulted from the subtraction referred to in subparagraph (i) and that have not been deducted under this subparagraph for previous fiscal years, but that result may not be less than the revenue to be equalized from mining revenues in the province for the fiscal year;

(3) Where taxes payable under Parts IV. 1 and VI. 1 of the Income Tax Act by a corporation for a taxation year ending in a fiscal year are assessed or reassessed by the Minister of National Revenue after the statement referred to in subsection (1) for that fiscal year has been furnished to the Minister, the Minister of National Revenue may include the information required under paragraphs (1)(a), (b) and (c) in respect of such taxes in a statement furnished pursuant to subsection (1) for a subsequent fiscal year.

In 2005, the Court ruled that: "it is contrary to Articles 43 EC and 48 EC to prevent the resident parent company from [deducting from its taxable profits losses incurred in another Member State by a subsidiary established in that Member State] where the non-resident subsidiary has exhausted the possibilities available in its State of residence of having the losses taken into account for the accounting period concerned by the claim for relief and also for previous accounting periods and where there are no possibilities for those losses to be taken into account in its State of residence for future periods either by the subsidiary itself o ...[+++]r by a third party". This ruling is applicable to all Member States.

subject to the existing provisions of the law of Canada regarding the deduction from tax payable in Canada of tax paid in a territory outside Canada and to any subsequent modification of those provisions (which shall not affect the general principle hereof) and unless a greater deduction or relief is provided under the laws of Canada, tax payable in Australia on profits, income or gains from sources in Australia shall be deducted from any Canadian tax payable in respect of such profits, income or gains;