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

Section 360r37 Disposition versions

2012-09-01

360R37. In this division, the depletion for oil and gas exploration of a taxpayer at any time means the amount by which the aggregate of the following amounts exceeds the amount computed under section 360R38:

(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 360R40, in computing its depletion for oil and gas exploration, where the taxpayer is a corporation that has acquired property from another person according to section 360R40.

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 360R39, that the taxpayer incurred in Québec after 31 December 1986 and before that time, but not later than 31 December 1989, and that are Canadian exploration expenses that would be described

i.  in paragraph a of section 395 of the Act if that paragraph were read with the word “Canada” replaced by the word “Québec”,

ii.  in paragraph d of section 395 of the Act if that paragraph were read with “expenses described in paragraphs a to b.1 and c to c.2” replaced by “expenses that would be described in paragraph a if that paragraph were read with the word “Canada” replaced by the word “Québec””, or

iii.  in paragraph e of section 395 of the Act if that paragraph were read with “an expense described in paragraphs a to c.1” replaced by “an expense that would be described in paragraph a if that paragraph were read with the word “Canada” replaced by the word “Québec””; 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.l 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 described subparagraph i if section 360R39 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. 360R16.10; O.C. 1746-88, s. 3; O.C. 91-94, s. 28; O.C. 35-96, s. 37; O.C. 1707-97, s. 98; O.C. 1451-2000, s. 66; O.C. 134-2009, s. 1.