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

Section 360r31 Disposition versions

2012-09-01

360R31. In this division, the mining exploration depletion of a taxpayer at any time means the amount by which the aggregate of the following amounts exceeds the amounts computed under section 360R32:

(a)  the amount determined by the formula

33 1/3% × (A – B);

(b)  any amount that the taxpayer is required to add before that time, under paragraph a of section 360R34, in computing its mining exploration depletion, where the taxpayer is a corporation that has acquired property from another person according to section 360R34.

In the formula in subparagraph a of the first paragraph,

(a)  A is the aggregate of the amounts each of which is the stated percentage of an expenditure, other than an expenditure described in section 360R33, that the taxpayer incurred after 19 April 1983 and before that time and that are, or would be if section 359.3 of the Act were read without reference to its paragraph b, Canadian exploration expenses described in paragraph c of section 395 of the Act or that would be described either in paragraph d of that section 395 if that paragraph were read with “expenses described in paragraphs a to b.1, c to c.2” replaced by “expenses described in paragraph c”, or in paragraph e of that section 395 if that paragraph were read with “an expense described in paragraphs a to c.1” replaced by “expenses described in paragraph c”; and

(b)  B is the aggregate of the amounts each of which is the stated percentage of an amount of assistance, within the meaning of paragraph c.0.1 of section 359 of the Act, that a person has received, is entitled to receive or, at any time, becomes entitled to receive in respect of expenses that would be covered by subparagraph a if section 360R33 were read without reference to its paragraph a, other than an amount related to expenses renounced by a corporation in favour of the taxpayer under section 359.2 or 406 of the Act, where that amount of assistance is excluded from the aggregate of the expenses in respect of which a renunciation is made, or renounced by the taxpayer under that section 359.2 or 406, where that amount of assistance is not excluded from the aggregate of the expenses in respect of which a renunciation is made.

s. 360R16.2; O.C. 2509-85, s. 18; Erratum, 1988 G.O. 2, 2689; O.C. 421-88, s. 11; O.C. 91-94, s. 23; O.C. 35-96, s. 30; O.C. 1707-97, s. 98; O.C. 1451-2000, s. 66; O.C. 134-2009, s. 1.