726.4.17.20. In this Title, the exploration base relating to certain exploration expenses incurred in a northern exploration zone of a corporation, at any time, means an amount equal to the amount by which the amount computed under section 726.4.17.21 is exceeded by 25% of the amount by which(a) the aggregate of the expenses, except those described in section 726.4.17.22, incurred by the corporation in a northern exploration zone after 31 March 1998 and before that time, and that arei. Canadian exploration expenses that would be described in paragraph a, b.1 or c of section 395 if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of that paragraph b.1, were a reference to “the northern exploration zone”, or described in paragraph d of that section 395 if the reference therein to “expenses described in paragraphs a to b.1 and c to c.2” were replaced by a reference to “expenses that would be described in paragraph a, b.1 or c, if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of paragraph b.1, were a reference to “the northern exploration zone” ”, or
ii. Canadian development expenses that would be described in paragraph a or a.1 of section 408 if the reference in those paragraphs to “Canada”, wherever it appears, were a reference to “the northern exploration zone”, or described in paragraph d of that section 408 if the reference therein to “expense described in paragraphs a to c” were replaced by a reference to “expense that would be described in paragraph a or a.1, if the reference in those paragraphs to “Canada”, wherever it appears, were a reference to “the northern exploration zone” ”, and that are deemed, under paragraph a of section 359.3, to be Canadian exploration expenses of the corporation by reason of a renunciation to the corporation under section 359.2.1; exceeds
(b) the aggregate of all amounts of assistance, within the meaning of paragraph c.0.1 of section 359, that a person, including a partnership, has received, is entitled to receive or becomes, at any time, entitled to receive in respect of an expense referred to in paragraph a, to the extent that the assistance has not reduced, by reason of subparagraph a of the first paragraph of section 359.2, the Canadian exploration expenses of the corporation or, by reason of paragraph a of section 359.2.1, the Canadian development expenses deemed to be Canadian exploration expenses of the corporation.