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

Section 130r11.0.2 Disposition versions

2023-03-15

130R11.0.2. Despite section 130R11.0.1, where an eligible person or partnership is associated, within the meaning of Chapter IX of Title II of Book I of Part I of the Act and section 130R11.0.5, in a taxation year, with one or more other eligible persons or partnerships and all those eligible persons or partnerships filed with the Minister in prescribed form an agreement in which they assign, for the purposes of this Title and Schedule B, a percentage to one or more of them for the year, the immediate expensing limit for the year of each of them is equal to

(a)  where the percentage or aggregate of percentages so assigned, as the case may be, does not exceed 100%, the lesser of

i.  the product obtained by multiplying $1,500,000 by the percentage it was so assigned, and

ii.  the amount it was assigned, if applicable, for the year under subsection 3.3 or 3.4 of section 1104 of the Income Tax Regulations made under the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) or, if it was not so assigned an amount, zero; or

(b)  in any other case, zero.

Where an amount is assigned to an eligible person or partnership for the year in accordance with subparagraph ii of subparagraph a of the first paragraph, each person that is such an eligible person or partnership and each member of a partnership that is such an eligible person or partnership must notify the Minister of the assignment and enclose with the notice a copy of any document sent to the Minister of National Revenue in connection with the assignment.

S.Q. 2023, c. 2, s. 98.