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

Section 130r85 Disposition versions

2012-09-01

130R85. The aggregate of the deductions that a taxpayer may claim for a taxation year as capital cost allowance in respect of rental property owned by the taxpayer may not exceed the amount by which the amount determined under the second paragraph exceeds the aggregate of the amounts each of which is

(a)  the taxpayer’s revenue for the year, computed without reference to paragraph a of section 130 of the Act, arising from the rental, whether or not by lease, of rental property of which the taxpayer is the owner, or

(b)  the revenue of a partnership for the year arising from the rental, whether or not by lease, of rental property of the partnership, to the extent of the taxpayer’s participation in that revenue.

The amount to which the first paragraph refers is the aggregate of the amounts each of which is

(a)  the taxpayer’s loss for the year, computed without reference to paragraph a of section 130 of the Act, arising from the rental, whether or not by lease, of rental property of which the taxpayer is the owner, or

(b)  the loss of a partnership for the year arising from the rental, whether or not by lease, of rental property of the partnership, to the extent of the taxpayer’s participation in that loss.

s. 130R43; O.C. 1981-80, s. 130R43; R.R.Q., 1981, c. I-3, r. 1, s. 130R43; O.C. 1697-92, s. 16; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.