I-3, r. 1 - Regulation respecting the Taxation Act

Section 130r51 Disposition versions

2016-02-17

130R51. Subject to sections 130R53 to 130R55, in this division and Chapter V, “specified energy property” of a taxpayer or partnership, in this section referred to as “the owner”, for a taxation year means property in Class 34 in Schedule B acquired by the owner after 9 February 1988 or property in any of Classes 43.1, 43.2, 47 and 48 in that schedule, other than, where the owner is a corporation or a partnership described in the second paragraph, a particular property

(a)  acquired to be used by the owner primarily for the purpose of gaining or producing income from a business carried on in Canada, other than the business of selling the product of the particular property, or from another property situated in Canada; or

(b)  leased in the year, in the ordinary course of carrying on a business of the owner in Canada, to

i.  a person who may reasonably be expected to use the property primarily for the purpose of gaining or producing income from a business carried on in Canada, other than the business of selling the product of the particular property, or from another property situated in Canada, or

ii.  a corporation or partnership described in section 130R52.

The corporation or the partnership to which the first paragraph refers in respect of a particular property for a taxation year is

(a)  a corporation at least 90% of whose gross revenue from all sources for the year is derived from a principal business that is, throughout the year, one of the following:

i.  the renting or leasing of leasing property or property that would be leasing property but for sections 130R97 to 130R99,

ii.  the renting or leasing of property referred to in subparagraph i combined with the selling and servicing of similar property, or

iii.  the manufacturing of property described in any of Classes 34, 43.1, 43.2, 47 and 48 in Schedule B that it sells or leases; or

(b)  a partnership each member of which is

i.  a corporation described in subparagraph a or in paragraph a of section 130R52, or

ii.  another partnership described in this subparagraph.

s. 130R30.3.2; O.C. 91-94, s. 2; O.C. 1707-97, s. 20; O.C. 1466-98, s. 126; O.C. 1454-99, s. 14; O.C. 1116-2007, s. 9; O.C. 134-2009, s. 1; O.C. 66-2016, s. 4.

2012-09-01

130R51. Subject to sections 130R53 to 130R55, in this division and Chapter V, “specified energy property” of a taxpayer or partnership, in this section referred to as “the owner”, for a taxation year means property in Class 34 in Schedule B acquired by the owner after 9 February 1988 or property in any of Classes 43.1, 43.2, 47 and 48 in that schedule, other than, where the owner is a corporation or a partnership described in the second paragraph, a particular property

(a)  acquired to be used by the owner primarily for the purpose of gaining or producing income from a business carried on in Canada, other than the business of selling the product of the particular property, or from another property situated in Canada; or

(b)  leased in the year, in the ordinary course of carrying on a business of the owner in Canada, to

i.  a person who may reasonably be expected to use the property primarily for the purpose of gaining or producing income from a business carried on in Canada, other than the business of selling the product of the particular property, or from another property situated in Canada, or

ii.  a corporation or partnership described in section 130R52.

The corporation or the partnership to which the first paragraph refers in respect of a particular property for a taxation year is

(a)  a corporation at least 90% of whose gross revenue from all sources for the year is derived from a principal business that is, throughout the year, one of the following:

i.  the renting or leasing of leasing property or property that would be leasing property but for sections 130R97 to 130R99,

ii.  the renting or leasing of property referred to in subparagraph i combined with the selling and servicing of similar property, or

iii.  the manufacturing of property described in any of Classes 34, 43.1, 43.2, 47 and 48 in Schedule B that it sells or leases; or

(b)  a partnership each member of which is a corporation described in subparagraph a or in paragraph a of section 130R52.

s. 130R30.3.2; O.C. 91-94, s. 2; O.C. 1707-97, s. 20; O.C. 1466-98, s. 126; O.C. 1454-99, s. 14; O.C. 1116-2007, s. 9; O.C. 134-2009, s. 1.