I-0.4 - Mining Tax Act

26.1. The amount that an operator may deduct as an additional allowance for a northern mine in computing its annual earnings from a mine for a particular fiscal year, under subparagraph g of subparagraph 2 of the fourth paragraph of section 8, must not exceed the lesser of
(1)  the operator’s annual earnings from the mine, for the particular fiscal year, determined without reference to that subparagraph g; and
(2)  the part of the cumulative northern mine expenses at the end of the particular fiscal year that relates to the mine.
Despite the first paragraph, the following rules apply:
(1)  if the particular fiscal year ends after the ninth fiscal year following the fiscal year during which the operator begins processing ore from a northern mine, no amount may be deducted by the operator for the particular fiscal year under subparagraph g of subparagraph 2 of the fourth paragraph of section 8; and
(2)  no amount may be deducted by the operator, in respect of a northern mine, for the particular fiscal year under subparagraph g of subparagraph 2 of the fourth paragraph of section 8, if the processing of ore from the mine begins after 30 March 2010.
1996, c. 4, s. 8; 2011, c. 6, s. 56.
26.1. The amount that an operator may deduct as an additional allowance for a northern mine in computing his annual profit for a particular fiscal year, under subparagraph j of paragraph 2 of section 8, shall not exceed the lesser of the following amounts:
(1)  the operator’s annual profit, for the particular fiscal year, determined without reference to subparagraph j of paragraph 2 of section 8;
(2)  the cumulative northern mine expenses at the end of the particular fiscal year.
Notwithstanding the first paragraph, where the particular fiscal year ends after the ninth fiscal year following the fiscal year during which the operator begins processing ore from the northern mine, the operator may not deduct any amount for the particular fiscal year under subparagraph j of paragraph 2 of section 8.
1996, c. 4, s. 8.