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

Section 360r90 Disposition versions

2012-09-01

360R90. In this division, the Québec exploration account of an individual at a particular time means an amount equal to the amount, in excess of the amount computed under section 360R95, of the aggregate of all amounts each of which is, in respect of a mineral resource in Québec, a natural accumulation of petroleum or natural gas in Québec or an oil or gas well in Québec, equal to 66 2/3% of the expenditures that have been included in the individual’s Canadian exploration expenses and have been incurred in Québec in respect of the mineral resource, accumulation or well after 31 March 1980 and before that particular time, but not later than 10 December 1986 or, where such expenditures are incurred out of the amounts described in section 360R91, 31 December 1987.

The Québec exploration account referred to in the first paragraph does not include expenditures or amounts described in paragraph a of section 360R51 or in paragraph c or d of the said section to the extent that they refer to expenditures mentioned in paragraph a or b of that section.

It also does not include expenditures that have been included in the Canadian exploration expenses of the individual pursuant to

(a)  paragraph b or b.1 of section 395 of the Act to the extent that they refer to expenditures that have been included in computing the Canadian development expenses of the individual for a previous taxation year;

(b)  paragraph c.1 section 395 of the Act;

(c)  paragraph d or e of section 395 of the Act to the extent that they refer to expenditures described in

i.  paragraph b or b.1 of that section 395 to the extent that they refer to expenditures that have been included in computing the Canadian development expenses of the individual for a previous taxation year, or

ii.  paragraph c.1 of the said section 395; or

(d)  paragraph d or e of section 395 of the Act, to the extent that they refer respectively to

i.  expenditures incurred after 31 December 1985 and before the particular time referred to in the first paragraph, but not later than 10 December 1986 or, where such expenditures are incurred out of the amounts described in section 360R91, 31 December 1987, by a partnership that is eligible pursuant to an agreement described in that paragraph e with a corporation that is not an eligible corporation, or

ii.  expenditures incurred in the period described in subparagraph i by the individual referred to in the first paragraph pursuant to an agreement described in that paragraph e with a corporation that is not an eligible corporation.

It also does not include an amount related to Canadian exploration expenses that a corporation that is not an eligible corporation renounced, effective not later than 31 December 1987, under section 359.2 of the Act in respect of a share.

s. 360R55; O.C. 2456-80, s. 11; R.R.Q., 1981, c. I-3, r. 1, s. 360R55; O.C. 1544-82, s. 5; O.C. 2962-82, s. 65; O.C. 500-83, s. 65; O.C. 1239-86, s. 1; O.C. 1746-88, s. 4; O.C. 91-94, s. 41; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.