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

Section 360r25 Disposition versions

2012-09-01

360R25. For the purposes of this chapter, “gross resource profits” of a taxpayer for a taxation year in respect of an oil business means the amount by which the aggregate of the following amounts exceeds the aggregate described in section 360R26:

(a)  where no amount is included in computing the taxpayer’s gross resource profits in respect of a mining business under paragraph a of section 360R21 and the taxpayer has production from a natural accumulation, other than a resource, of petroleum or natural gas in Canada, or an oil or gas well in Canada, that is operated by the taxpayer, the amount by which the aggregate of the amount included in computing the taxpayer’s income for the year under paragraph b of section 330 of the Act, to the extent that that paragraph refers to an amount deducted under section 358 of the Act, as it read before its repeal, the amounts included in the computation under paragraph d of that section 330 and the first paragraph of section 333.2 of the Act, and the excess amount described in section 360R22, exceeds the aggregate of the amounts deducted under section 333.1 of the Act and section 358 of the Act, as it read before its repeal, in computing the taxpayer’s income for the year;

(b)  the aggregate of the taxpayer’s income for the year, computed in the manner described in section 360R26, from

i.  the production of petroleum, natural gas or related hydrocarbons, or sulphur, from a natural accumulation, other than a mineral resource, of petroleum or natural gas in Canada, or an oil or gas well in Canada, that is operated by the taxpayer,

ii.  the processing in Canada of heavy crude oil extracted from an oil or gas well in Canada, to a stage that is not beyond the crude oil stage or its equivalent, or

iii.  the Canadian field processing, within the meaning assigned to that expression by section 130R3; and

(c)  the aggregate of all amounts, other than an amount included because of paragraph b in computing the taxpayer’s gross resource profits for the year, each of which is an amount included in computing the taxpayer’s income for the year as a rental or royalty computed by reference to the amount or value of production from a natural accumulation, other than a resource, of petroleum or natural gas in Canada, or an oil or gas well in Canada.

s. 360R14; O.C. 1981-80, s. 360R14; O.C. 1535-81, s. 6; R.R.Q., 1981, c. I-3, r. 1, s. 360R14; O.C. 2962-82, s. 44; O.C. 500-83, s. 44; O.C. 2509-85, s. 15; O.C. 91-94, s. 21; O.C. 35-96, s. 27; O.C. 1466-98, s. 49; O.C. 1454-99, s. 62; O.C. 1470-2002, s. 40; O.C. 134-2009, s. 1; O.C. 1303-2009, s. 11.