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

Section 360r51 Disposition versions

2012-09-01

360R51. The expense referred to in paragraph b of section 360R48 does not include

(a)  the cost of borrowing capital, including a cost incurred before the start of operations of a business that constitutes a Canadian exploration expense;

(b)  an expense renounced by the taxpayer under section 406 of the Act;

(c)  an amount that, under paragraph d of section 395 of the Act, was for a taxpayer a Canadian exploration expense, if such amount was an expense referred to in any of paragraphs a, b and e to h that was incurred by a partnership referred to in such paragraph d;

(d)  an amount that, under paragraph e of section 395 of the Act, was for a taxpayer a Canadian exploration expense, if such amount was an expense referred to in any of paragraphs a, b and e to h that the taxpayer incurred pursuant to an agreement referred to in paragraph e of section 395 of the Act;

(e)  the expenses described in paragraph b or b.1 of section 395 of the Act that the taxpayer has incurred in a previous year and has included in computing Canadian development expenses for a previous taxation year;

(f)  a Canadian exploration and development overhead expense;

(g)  a Canadian oil and gas exploration expense; and

(h)  the Canadian exploration expenses described in paragraph c of section 395 of the Act and incurred after 19 April 1983.

s. 360R21; O.C. 1981-80, s. 360R21; O.C. 3926-80, s. 17; R.R.Q., 1981, c. I-3, r. 1, s. 360R21; O.C. 2962-82, s. 52; O.C. 500-83, s. 52; O.C. 2509-85, s. 23; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.