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

Section 360r50 Disposition versions

2012-09-01

360R50. The expense referred to in paragraph a of section 360R48 does not include

(a)  the cost of borrowing capital, including a cost incurred before the start of operations of a business, that constitutes an exploration, prospecting or development expense or a Canadian exploration and development expense;

(b)  the cost to a taxpayer of any Canadian resource property acquired by the taxpayer;

(c)  a Canadian exploration and development expense that was incurred after a mine had come into production in reasonable commercial quantities and may reasonably be considered to be related to the mine or to a potential or actual extension thereof;

(d)  an expense that would have been described in paragraph c if it had been incurred after 1971;

(e)  an expense renounced by the taxpayer under subsection 7 of section 29 of the Income Tax Application Rules (R.S.C. 1985, c. 2 (5th Suppl.)) or under section 381 of the Act;

(f)  an amount that, under paragraph d of section 364 of the Act, was for a taxpayer a Canadian exploration and development expense or would have been such an expense if it had been incurred after 1971, if such amount was an expense referred to in any of paragraphs a to e that was incurred by an association, partnership or syndicate referred to in paragraph d of section 364 of the Act; and

(g)  an amount that, under paragraph e of section 364 of the Act, was for a taxpayer a Canadian exploration and development expense or would have been such an expense if it had been incurred after 1971, if such amount was an expense referred to in any of paragraphs a to e that the taxpayer incurred pursuant to an agreement referred to in paragraph e of section 364 of the Act.

s. 360R20; O.C. 1981-80, s. 360R20; R.R.Q., 1981, c. I-3, r. 1, s. 360R20; O.C. 2962-82, s. 51; O.C. 500-83, s. 51; O.C. 91-94, s. 32; O.C. 35-96, s. 86; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.