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

Section 130r119 Disposition versions

2021-03-10

130R119. The amount that a taxpayer may deduct for a taxation year under section 130R1 in respect of property of a class in Schedule B is computed as if the undepreciated capital cost to the taxpayer at the end of the year, before any deduction under section 130R1 for the year, of the property were adjusted by adding the positive or negative amount determined in respect of that class at the end of the year under section 130R120.

s. 130R55.7; O.C. 2847-84, s. 8; O.C. 544-86, s. 5; O.C. 1697-92, s. 28; O.C. 366-94, s. 11; O.C. 1631-96, s. 15; O.C. 1707-97, s. 98; O.C. 1463-2001, s. 37; O.C. 1470-2002, s. 18; O.C. 134-2009, s. 1; O.C. 1176-2010, s. 16; O.C. 164-2021, s. 17.

2012-09-01

130R119. The amount that a taxpayer may deduct for a taxation year under section 130R1 in respect of property of a class in Schedule B is computed as if the undepreciated capital cost to the taxpayer at the end of the year, before any deduction under section 130R1 for the year, of the property were reduced by half the amount determined in respect of that class at the end of the year under section 130R120.

The rule prescribed in the first paragraph does not apply in respect of

(a)  property that is

i.  property referred to in any of sections 130R62, 130R161, 130R192, 130R193 and 130R194,

ii.  property included in any of Classes 13 to 15, 23, 24, 27, 29, 34 and 52 in Schedule B, or

iii.  property included in a separate class pursuant to an election made by the taxpayer in accordance with section 130R198 or 130R199;

(b)  where the taxpayer is a corporation referred to in section 130R92 throughout the year, a property that is a specified leasing property, within the meaning assigned to that expression by the first paragraph of section 130R71, of the taxpayer at the end of the year;

(c)  a property that is deemed to have been acquired by the taxpayer in a prior taxation year by reason of paragraph b of section 125.1 of the Act in respect of the lease of which the property was the subject immediately before the time at which the taxpayer last acquired it; and

(d)  a property that is considered to be available for use by the taxpayer by reason of subparagraph b of the first paragraph of section 93.7 of the Act or subparagraph c of the first paragraph of section 93.8 of that Act.

s. 130R55.7; O.C. 2847-84, s. 8; O.C. 544-86, s. 5; O.C. 1697-92, s. 28; O.C. 366-94, s. 11; O.C. 1631-96, s. 15; O.C. 1707-97, s. 98; O.C. 1463-2001, s. 37; O.C. 1470-2002, s. 18; O.C. 134-2009, s. 1; O.C. 1176-2010, s. 16.