I-0.4 - Mining Tax Act

Section 16.8 Disposition versions

2020-09-24

16.8. The amount that an operator other than an eligible operator may deduct, as an exploration allowance in respect of expenses incurred after 30 March 2010, under subparagraph e.1 of paragraph 2 of section 8, as it read on 30 March 2010, in computing its annual profit for its fiscal year that ends after 30 March 2010 and includes that date, or under subparagraph d of subparagraph 2 of the second paragraph of section 8 in computing its annual profit for a fiscal year that begins after 30 March 2010, must not exceed the lesser of

(1)  the operator’s cumulative exploration expenses in respect of such expenses at the end of the fiscal year; and

(2)  if the operator’s fiscal year

(a)  ends after 30 March 2010 and includes that date, the amount obtained by multiplying its annual profit for the fiscal year, determined without reference to subparagraphs e.1, e.2, g, h, h.1 and j of paragraph 2 of section 8, as they read on 30 March 2010, by the proportion of 10% that the number of days in the fiscal year that follow 30 March 2010 is of the number of days in the fiscal year, or

(b)  begins after 30 March 2010, 10% of its annual profit for the fiscal year, determined without reference to subparagraphs d to j of subparagraph 2 of the second paragraph of section 8.

2011, c. 6, s. 43; 2019, c. 14, s. 47; 2020, c. 16, s. 17.

2019-06-19

16.8. The amount that an operator other than an eligible operator may deduct, as an exploration allowance in respect of expenses incurred after 30 March 2010, under subparagraph e.1 of paragraph 2 of section 8, as it read on 30 March 2010, in computing its annual profit for its fiscal year that ends after 30 March 2010 and includes that date, or under subparagraph d of subparagraph 2 of the second paragraph of section 8 in computing its annual profit for a fiscal year that begins after 30 March 2010, must not exceed the lesser of

(1)  the operator’s cumulative exploration expenses in respect of such expenses at the end of the fiscal year; and

(2)  if the operator’s fiscal year

(a)  ends after 30 March 2010 and includes that date, the amount obtained by multiplying its annual profit for the fiscal year, determined without reference to subparagraphs e.1, e.2, g, h, h.1 and j of paragraph 2 of section 8, as they read on 30 March 2010, by the proportion of 10% that the number of days in the fiscal year that follow 30 March 2010 is of the number of days in the fiscal year, or

(b)  begins after 30 March 2010, 10% of its annual profit for the fiscal year, determined without reference to subparagraphs d to i of subparagraph 2 of the second paragraph of section 8.

2011, c. 6, s. 43; 2019, c. 14, s. 47.

2011-06-06

16.8. The amount that an operator other than an eligible operator may deduct, as an exploration allowance in respect of expenses incurred after 30 March 2010, under subparagraph e.1 of paragraph 2 of section 8, as it read on 30 March 2010, in computing its annual profit for its fiscal year that ends after 30 March 2010 and includes that date, or under subparagraph d of subparagraph 2 of the second paragraph of section 8 in computing its annual profit for a fiscal year that begins after 30 March 2010, must not exceed the lesser of

(1)  the operator’s cumulative exploration expenses in respect of such expenses at the end of the fiscal year; and

(2)  if the operator’s fiscal year

(a)  ends after 30 March 2010 and includes that date, the amount obtained by multiplying its annual profit for the fiscal year, determined without reference to subparagraphs e.1, e.2, g, h, h.1 and j of paragraph 2 of section 8, as they read on 30 March 2010, by the proportion of 10% that the number of days in the fiscal year that follow 30 March 2010 is of the number of days in the fiscal year, or

(b)  begins after 30 March 2010, 10% of its annual profit for the fiscal year, determined without reference to subparagraphs d to g of subparagraph 2 of the second paragraph of section 8.

2011, c. 6, s. 43.