I-0.4 - Mining Tax Act

Section 4.7 Disposition versions

2011-06-06

4.7. The rules to which section 4.6 refers and that apply to an operator in respect of a particular fiscal year are the following:

(1)  the operator’s elected functional currency is to be used for the purpose of computing the operator’s Québec mining results for the particular fiscal year;

(2)  unless the context requires otherwise, each reference in this Act or the regulations to an amount (other than in respect of a penalty or fine) that is described as a particular number of Canadian dollars is, in respect of the operator and the particular fiscal year, to be read as a reference to that amount expressed in the operator’s elected functional currency using the relevant spot rate for the first day of the particular fiscal year; and

(3)  any amount that is relevant in computing the operator’s Québec mining results for the particular fiscal year and that is expressed in a currency other than the operator’s elected functional currency is to be converted to an amount expressed in the operator’s elected functional currency using the relevant spot rate for the day on which the amount arose.

2011, c. 6, s. 18.