I-4 - Act respecting the application of the Taxation Act

Full text
98. In the case of a building or motor vehicle and in the case of any other property acquired by the credit union after 1961 the presumed depreciation contemplated in section 97 is equal to the amount obtained when the product of the depreciable cost of the property by the number of full taxation years included in the period beginning on the first day of the taxation year following the year in which the property was acquired and ending on the last day of its 1971 taxation year, is multiplied by 2 1/2% in the case of a building, 15% in the case of a motor vehicle and in the case of another property by one-half the percentage prescribed for the class which the property forms part of by regulation made under section 12 of the former Corporation Tax Act.
However when the capital cost to the credit union of an improvement of or addition to a building exceeds $10,000 the improvement or addition is deemed to be a separate building acquired by the credit union.
1972, c. 24, s. 145; 1975, c. 22, s. 287.