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I-0.4 - Mining Tax Act
Section 10.1.1
Disposition versions
10.1.1. Subject to section 9.1.1, the amount that an operator may deduct, under subparagraph b of subparagraph 2 of the fourth paragraph of section 8, as a depreciation allowance in computing the operator’s annual earnings from a mine for a fiscal year in respect of class 4 property must not exceed the portion, reasonably attributable to the operation of the mine, of the lesser of
(1) the amount obtained by multiplying the undepreciated capital cost of property of that class at the end of that fiscal year before any deduction under that subparagraph b at the end of that fiscal year, by 30%; and
(2) if the operator no longer owns property of that class at the end of the fiscal year, nil.
Despite the first paragraph, an operator may deduct an amount as a depreciation allowance in respect of class 4 property in computing its annual earnings from a mine it operates for a fiscal year only if it deducts the maximum amount as a depreciation allowance in respect of class 1 property, class 2 property and class 3 property in computing its annual earnings from the mine for the fiscal year.
10.1.1. Subject to section 14, the amount that an operator may deduct, under subparagraph b of subparagraph 2 of the fourth paragraph of section 8, as a depreciation allowance in computing the operator’s annual earnings from a mine for a fiscal year in respect of class 4 property must not exceed the portion, reasonably attributable to the operation of the mine, of the lesser of
(1) the amount obtained by multiplying the undepreciated portion of the capital cost of property of that class at the end of that fiscal year before any deduction under that subparagraph b at the end of that fiscal year, by 30%; and
(2) if the operator no longer owns property of that class at the end of the fiscal year, nil.
Despite the first paragraph, an operator shall not deduct an amount as a depreciation allowance in computing the operator’s annual earnings from a mine for a fiscal year in respect of class 4 property if the undepreciated portion of the capital cost of the operator’s class 1 property, class 2 property and class 3 property, at the end of the fiscal year, reduced by the amount the operator deducts in respect of such property, for that fiscal year, is greater than zero.
