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

Section 360r54 Disposition versions

2012-09-01

360R54. The expenditures described in section 360R49 do not include,

(a)  in respect of Canadian oil and gas exploration expenses, an amount described in any of paragraphs a, b and f of section 360R51 or that would be described in paragraph c or d of that section if the reference in those paragraphs to “paragraphs a, b and e to h” were replaced by a reference to “paragraphs a, b and f”;

(b)  in respect of Canadian development expenses, the following amounts:

i.  an amount described in section 360R52,

ii.  an amount that is a Canadian exploration and development overhead expense, and

iii.  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 entitled to receive or may reasonably expect to receive, at any time, a payment under that Act;

(c)  in respect of Canadian exploration expenses, the part of those expenses that is, as the case may be,

i.  described in any of paragraphs a to d and f of section 360R51,

ii.  included in the amount determined under paragraph a or b of section 360R49,

iii.  expenses described in subparagraph iii of paragraph b, or

iv.  the eligible expenses, within the meaning of the Canadian Exploration Incentive Program Act (R.S.C. 1985, c. 27 (4th Suppl.)), in respect of which the taxpayer, a partnership of which the taxpayer is a member or a development corporation of which it is a shareholder corporation has received, is entitled to receive or may reasonably expect to receive, at any time, an incentive under that Act; and

(d)  in respect of a property that is included in Class 10 in Schedule B under subparagraph o of the second paragraph of that class or that would be so included therein but for Class 41 in that schedule, the capital cost of a property that, before its acquisition by the taxpayer, was used by a person with whom the taxpayer did not deal at arm’s length.

s. 360R23.1; O.C. 2962-82, s. 55; O.C. 500-83, s. 55; O.C. 2509-85, s. 25; O.C. 35-96, s. 48; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.