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

Section 360r21 Disposition versions

2012-09-01

360R21. For the purposes of this chapter, “gross resource profits” of a taxpayer for a taxation year in respect of a mining business means the amount by which the aggregate of the following amounts exceeds the aggregate described in section 360R23:

(a)  where the taxpayer has a production from a mineral resource in Canada that is operated by the taxpayer, the amount by which the aggregate of the amount included in computing the taxpayer’s income for the year under paragraph b of section 330 of the Act, to the extent that that paragraph refers to an amount deducted under section 358 of the Act, as it read before its repeal, the amounts included in the computation under paragraph d of that section 330 and the first paragraph of section 333.2 of the Act, and the excess amount described in section 360R22, exceeds the aggregate of the amounts deducted under section 333.1 of the Act and section 358 of the Act, as it read before its repeal, in computing the taxpayer’s income for the year;

(b)  the aggregate of the taxpayer’s incomes for the year computed in the manner described in section 360R23 from

i.  the production and processing in Canada of ore, other than iron ore or tar sands ore, from a mineral resource in Canada operated by the taxpayer, to any stage that is not beyond the prime metal stage or its equivalent, or iron ore from such mineral resource to any stage that is not beyond the pellet stage or its equivalent, or tar sands ore from such mineral resource, to any stage or its equivalent,

ii.  the processing in Canada of ore, other than iron ore or tar sands ore, from a mineral resource in Canada not operated by the taxpayer, to any stage that is not beyond the prime metal stage or its equivalent, or iron ore from such mineral resource, to any stage that is not beyond the pellet stage or its equivalent, or tar sands ore from such mineral resource, to any stage that is not beyond the crude oil stage or its equivalent, and

iii.  the processing in Canada of ore, other than iron ore or tar sands ore, from a mineral resource outside Canada, to any stage that is not beyond the prime metal stage or its equivalent, or iron ore from such mineral resource, to any stage that is not beyond the pellet stage or its equivalent, or tar sands ore from such mineral resource, to any stage that is not beyond the crude oil stage or its equivalent;

(c)  the aggregate of all amounts, other than an amount included because of paragraph b in computing the taxpayer’s gross resource profits for the year, each of which is an amount included in computing the taxpayer’s income for the year as a rental or royalty computed by reference to the amount or value of production from a mineral resource in Canada; and

(d)  where the taxpayer throughout the year owns the aggregate of the issued and outstanding shares of the capital stock of a railway company, the amount that may reasonably be considered to be that company’s income for its taxation year ending in the year derived from the transportation of the taxpayer’s ore described in subparagraph i of paragraph b.

s. 360R12; O.C. 1981-80, s. 360R12; O.C. 1535-81, s. 5; R.R.Q., 1981, c. I-3, r. 1, s. 360R12; O.C. 2962-82, s. 42; O.C. 500-83, s. 42; O.C. 2509-85, s. 12; O.C. 35-96, s. 25; O.C. 1707-97, s. 98; O.C. 1466-98, s. 46; O.C. 1454-99, s. 62; O.C. 134-2009, s. 1; O.C. 1303-2009, s. 10.