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

Section 360r45 Disposition versions

2012-09-01

360R45. The amount of assistance or benefit referred to in subparagraph vi of subparagraph b of the second paragraph of section 360R42 in respect of a taxpayer at the particular time referred to in that section is an amount of assistance or benefit that is related to Canadian exploration expenses or Canadian development expenses or that may reasonably be related to Canadian exploration activities or Canadian development activities, whether that amount is in the form of a subsidy, bonus, rebate, forgivable loan, deduction from royalty or tax, rebate on royalty or tax, investment allowance or any other form

(a)  that the taxpayer received or was entitled to receive before the particular time or becomes entitled to receive at that time or thereafter; or

(b)  that an original owner or a predecessor owner of a property received or was entitled to receive before the particular time or becomes entitled to receive at that time or thereafter, where the original owner or the predecessor owner received, became entitled to receive or becomes entitled to receive that amount

i.  at the time or after the time when the property was acquired by the taxpayer in circumstances where section 360R18 applies, or

ii.  before the time when the taxpayer becomes the predecessor owner of the property.

For the purposes of subparagraph vi of subparagraph b of the second paragraph of section 360R42,

(a)  the case referred to in subparagraph 1 of that subparagraph vi is a case where the assistance or the benefit is related to an amount included, by reason of paragraph b of section 360R48 or paragraph c or d of section 360R49, in computing the earned depletion base of the taxpayer or the part of the earned depletion base of the original owner referred to in subparagraph b of the first paragraph that is included in computing an amount described in subparagraph a of the first paragraph of section 360R18 before the particular time referred to in section 360R42; and

(b)  the case referred to in subparagraph 2 of that subparagraph vi is a case where the assistance or the benefit is related to Canadian oil and gas exploration expenses included, by reason of paragraph a or b of section 360R49, in computing the earned depletion base of the taxpayer or the part of the earned depletion base of the original owner referred to in paragraph b of the first paragraph that is included in computing an amount described in subparagraph a of the first paragraph of section 360R18 before the particular time referred to in section 360R42.

In the second paragraph, the earned depletion base of the taxpayer does not include the part of the taxpayer’s earned depletion base that is included in computing an amount described in subparagraph a of the first paragraph of section 360R18 before the particular time referred to in section 360R42.

s. 360R17.2; O.C. 2962-82, s. 48; O.C. 500-83, s. 48; O.C. 2509-85, s. 20; O.C. 421-88, s. 15; Erratum, 1988 G.O. 2, 2537; O.C. 35-96, s. 45; O.C. 1466-98, s. 126; O.C. 134-2009, s. 1.