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

Section 359.4r1 Disposition versions

2012-09-01

359.4R1. For the purposes of paragraph b of the first paragraph of section 359.4 of the Act, a Canadian exploration and development overhead expense of a corporation is

(a)  a Canadian exploration and development overhead expense of the corporation, within the meaning assigned to that expression by section 360R2;

(b)  an expense that would be a Canadian exploration and development overhead expense of the corporation, within the meaning assigned to that expression by section 360R2, if the references to “person who was connected with the taxpayer”, “provided for the benefit of the taxpayer”, “from that person” and “by that person” in paragraph d of the definition of that expression in section 360R2 were replaced by “particular person who was connected with the person to whom the expense is renounced under section 359.4 of the Act”, “that the particular person provided for the benefit of the taxpayer”, “from that particular person” and “by that particular person”, respectively; and

(c)  an expense that would be a Canadian exploration and development overhead expense of the corporation, within the meaning assigned to that expression by section 360R2, if the reference to “person who was connected with the taxpayer” in paragraph d of the definition of that expression in section 360R2 were replaced by “person to whom the expense is renounced under section 359.4 of the Act”.

For the purposes of the first paragraph, a partnership is deemed to be a person and its taxation year is deemed to be its fiscal period.

s. 359.4R1; O.C. 91-94, s. 11; O.C. 35-96, s. 15; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.