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

Section 360r39 Disposition versions

2012-09-01

360R39. The expenses referred to in subparagraph a of the second paragraph of section 360R37 do not include

(a)  expenses renounced by the taxpayer under section 359.2 or 406 of the Act;

(b)  an amount included in the Canadian exploration and development overhead expenses of the taxpayer;

(c)  an amount related to financing, including the expenses incurred before the beginning of the operation of a business;

(d)  the eligible expenses, within the meaning of the Canadian Exploration and Development Incentive Program Act (R.S.C. 1985, c. 15 (3rd Suppl.)), in respect of which the taxpayer, a partnership of which the taxpayer is a member, a development corporation of which the taxpayer is a shareholder or a joint exploration corporation of which it is a shareholder corporation has received, is deemed to have received, is entitled to receive or may reasonably expect to receive, at any time, a payment under that Act; or

(e)  where the taxpayer is an individual, the expenses referred to in section 360R90 and any expenditure that the taxpayer has included in computing the taxpayer’s exploration base relating to certain Québec exploration expenses under subparagraph i of paragraph a of section 726.4.10 of the Act.

s. 360R16.12; O.C. 1746-88, s. 3; O.C. 35-96, s. 39; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.