I-0.4 - Mining Tax Act

Section 16.4 Disposition versions

2011-06-06

16.4. Where a share of the capital stock of an operator is issued to a person under an agreement in writing entered into between that person and the operator, under which the operator has agreed to incur expenses in respect of exploration, mineral deposit evaluation or mine development work, that would be expenses referred to in subparagraph b of subparagraph 1 of the second paragraph of section 16.1, and to renounce, under the Taxation Act (chapter I‐3), in favour of that person, an amount that does not exceed the consideration received by the operator for the share, relating to expenses so incurred by the operator, the expenses to which the amount relates are deemed, from the day on which they are incurred, never to have been such expenses incurred by the operator.

The first paragraph does not apply if the share is issued to a legal person that gives an undertaking in writing to the Minister not to renounce, under the Taxation Act, the expenses described in the agreement referred to in the first paragraph and the legal person fulfills such undertaking.

1994, c. 47, s. 16; 1996, c. 4, s. 11; 1999, c. 83, s. 7; 2011, c. 6, s. 40.

1999-12-20

16.4. Where a share of the capital stock of an operator is issued to a person under an agreement in writing entered into between that person and the operator, under which the operator has agreed to incur expenses in respect of exploration, mineral deposit evaluation or mine development work, that would be expenses referred to in subparagraph b of paragraph 1 of section 16.1, and to renounce, under the Taxation Act (chapter I‐3), in favour of that person, an amount that does not exceed the consideration received by the operator for the share, relating to expenses so incurred by the operator, the expenses to which the amount relates are deemed, from the day on which they are incurred, never to have been such expenses incurred by the operator.

The first paragraph does not apply if the share is issued to a legal person that undertakes in writing with the Minister not to renounce, under the Taxation Act, the expenses described in the agreement referred to in the first paragraph and the legal person fulfills such undertaking.

1994, c. 47, s. 16; 1996, c. 4, s. 11; 1999, c. 83, s. 7.

1996-06-13

16.4. Where a share of the capital stock of an operator is issued to a person other than a legal person under an agreement in writing entered into between that person and the operator, under which the operator has agreed to incur expenses in respect of exploration, mineral deposit evaluation or mine development work, that would be expenses referred to in subparagraph b of paragraph 1 of section 16.1, and to renounce, under the Taxation Act (chapter I-3), in favour of that person, an amount that does not exceed the consideration received by the operator for the share, relating to expenses so incurred by the operator, the expenses to which the amount relates are deemed, from the day on which they are incurred, never to have been such expenses incurred by the operator.

1994, c. 47, s. 16; 1996, c. 4, s. 11.

1994-12-21

16.4. Where a share of the capital stock of an operator is issued to a person other than a corporation under an agreement in writing entered into between that person and the operator, under which the operator has agreed to incur expenses in respect of exploration, mineral deposit evaluation or mine development work, that would be expenses referred to in subparagraph b of paragraph 1 of section 16.1, and to renounce, under the Taxation Act (chapter I-3), in favour of that person, an amount that does not exceed the consideration received by the operator for the share, relating to expenses so incurred by the operator, the expenses to which the amount relates are deemed, from the day on which they are incurred, never to have been such expenses incurred by the operator.

1994, c. 47, s. 16.