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

Section 360r55 Disposition versions

2012-09-01

360R55. The expenditures used in computing the aggregate referred to in subparagraph a of the second paragraph of section 360R42 also include

(a)  all expenditures, other than expenditures described in section 360R48 or 360R49, incurred by a taxpayer after 8 May 1972 and before the particular time referred to in section 360R42, each of which was the capital cost to the taxpayer of property that is or, but for Class 41 in Schedule B, would be included in Class 10 in Schedule B because of subparagraph e of the second paragraph of that class if the property had, before it was acquired by the taxpayer, not been used by any person with whom the taxpayer was not dealing at arm’s length and if the property has been acquired for the purpose of processing in Canada, after its extraction from a mineral resource,

i.  ore, other than iron ore or tar sands ore, to any stage that is not beyond the prime metal stage or its equivalent,

ii.  iron ore, to any stage that is not beyond the pellet stage or its equivalent, or

iii.  tar sands ore, to any stage that is not beyond the crude oil stage or its equivalent;

(b)  all expenditures, other than those described in paragraph a or in section 360R48 or 360R49, that were incurred by a taxpayer before the particular time referred to in section 360R42 and each of which is the capital cost to the taxpayer of property included in Class 28 in Schedule B or in Class 41 in that schedule under subparagraph a of the first paragraph of that Class 41, other than property, as the case may be,

i.  included in that class by reason of the reference, in Class 28 in Schedule B, to subparagraph m of the second paragraph of Class 10 in that schedule,

ii.  acquired before 17 November 1978 and included in that class by reason of the reference, in subparagraph i of subparagraph e of the first paragraph of Class 28 in Schedule B, to subparagraph f of the second paragraph of Class 10 in that schedule,

iii.  that is bituminous sands equipment acquired by an individual, or

iv.  that is bituminous sands equipment acquired by a corporation before 1981;

(c)  all expenditures, other than those described in paragraph a or b or in section 360R48 or 360R49, incurred by a taxpayer before 8 November 1969 relating to a mine that came into production in reasonable commercial quantities before that date, for the purpose of exploring bituminous sands deposit or an oil sands deposit or an oil shale deposit, or of the development of the mine for the purpose of earning or producing income from the extraction of material from such a deposit;

(d)  three times the aggregate of all amounts each of which is an amount equal to the lesser of the amount that would be determined under the first paragraph of section 145R1 in computing the taxpayer’s income for a taxation year that ends before the particular time referred to in section 360R42, if the amount determined under subparagraph c of the second paragraph of that section were equal to zero, and the amount determined under that subparagraph c in computing the taxpayer’s income for that taxation year; and

(e)  three times the aggregate of the amounts each of which is the amount determined under section 360R60 in respect of the taxpayer for a taxation year ending after 17 February 1987 and before the particular time referred to in section 360R42.

s. 360R24; O.C. 1981-80, s. 360R24; O.C. 1983-80, s. 22; O.C. 3926-80, s. 19; R.R.Q., 1981, c. I-3, r.1, s. 360R24; O.C. 2962-82, s. 56; O.C. 500-83, s. 56; O.C. 2509-85, s. 26; O.C. 35-96, s. 49; O.C. 1707-97, s. 98; O.C. 1466-98, s. 53; O.C. 134-2009, s. 1.