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

Section 130r205 Disposition versions

2012-09-01

130R205. Property excluded from the application of this Title and Schedule B is property

(a)  the cost of which would be deductible in computing the taxpayer’s income but for Divisions I to IV.1 of Chapter X of Title VI of Book III of Part I of the Act;

(b)  the cost of which is included in the taxpayer’s Canadian renewable and conservation expense within the meaning assigned by section 399.7R1;

(c)  that is described in the taxpayer’s inventory;

(d)  that was not acquired by the taxpayer for the purpose of gaining or producing income;

(e)  that was acquired by an expenditure in respect of which the taxpayer is allowed a deduction in computing the taxpayer’s income under sections 222 to 230 of the Act;

(f)  that is mentioned in section 134 of the Act and acquired after 31 December 1974 and in respect of which an amount disbursed or expended by the taxpayer for its use or maintenance is not deductible under that section if such property is not property

i.  that the taxpayer was required to acquire under the terms of an agreement in writing entered into before 13 November 1974, or

ii.  whose construction was commenced by the taxpayer before 13 November 1974 or was commenced under an agreement in writing entered into by the taxpayer before that date if, in each case, it is completed substantially according to plans and specifications agreed to by the taxpayer before that date;

(g)  in respect of which an allowance is claimed and permitted in accordance with Title XIII;

(h)  that was deemed under section 18 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), enacted by subsection 1 of section 8 of Chapter 32 of the Statutes of Canada, 1958, to have been acquired by the taxpayer and that did not vest in the taxpayer before the 1963 taxation year;

(i)  of a life insurer and used or held by the life insurer in the carrying on of an insurance business outside Canada;

(j)  that the taxpayer acquired after 12 November 1981, that was not acquired from a person with whom the taxpayer did not deal at arm’s length, otherwise than under a right referred to in paragraph b of section 20 of the Act, at the time of the acquisition, if the property was acquired in one of the circumstances in which section 130R148 applies, and that is

i.  a drawing, a print, an etching, a sculpture, a painting or other similar work of art, whose cost to the taxpayer was at least $200 and of which the artist was not a Canadian at the time the property was created,

ii.  a hand-woven tapestry or carpet or a hand-made appliqué, whose cost to the taxpayer was at least $215/m2, and of which the artist was not a Canadian at the time the property was created,

iii.  an engraving or etching, a lithograph, a woodcut or a geographical or a marine chart, made before 1 January 1900, or

iv.  an antique object made more than 100 years before the time of its acquisition and whose cost to the taxpayer was at least $1,000; and

(k)  that is linefill in a pipeline.

In subparagraphs i and ii of subparagraph j of the first paragraph, “Canadian” means a Canadian citizen within the meaning of the Citizenship Act (R.S.C. 1985, c. C-29) or a permanent resident within the meaning of the Immigration and Refugee Protection Act (S.C. 2001, c. 27).

s. 130R101; O.C. 1981-80, s. 130R101; O.C. 3926-80, s. 3; R.R.Q., 1981, c. I-3, r. 1, s. 130R101; O.C. 2847-84, s. 10; O.C. 35-96, s. 86; O.C. 1631-96, s. 27; O.C. 1466-98, s. 27; O.C. 1470-2002, s. 22; O.C. 1155-2004, s. 15; O.C. 134-2009, s. 1.