I-0.4 - Mining Tax Act

Section 6 Disposition versions

2011-06-06

6. Subject to sections 6.1 and 6.2, the gross value of an operator’s annual output from a mine for a fiscal year is the value of the mineral substances and, where applicable, of the processing products, derived from the operator’s mining operation, that is established

(1)  where the mineral substances and, where applicable, the processing products are used by the operator in the fiscal year, at the market price at the time of their use; or

(2)  where subparagraph 1 does not apply, according to one of the following methods of valuation:

(a)  at the market price at the time of alienation of the mineral substances and, where applicable, of the processing products alienated by the operator in the fiscal year;

(b)  according to the method used by the operator to prepare the financial statements for that fiscal year provided that the method is consistent with generally accepted accounting principles;

(c)  at the amount received or receivable as consideration for the alienation of the mineral substances and, where applicable, of the processing products alienated by the operator in the fiscal year.

For the purposes of the first paragraph, the value of the mineral substances and, where applicable, of the processing products does not include a gain or loss resulting from a hedging or speculative transaction.

1975, c. 30, s. 6; 1994, c. 47, s. 6; 1996, c. 4, s. 2; 2001, c. 51, s. 2; 2011, c. 6, s. 19.

2001-12-20

6. Subject to section 6.1, the gross value of the annual output of an operator for a fiscal year is the value of the mineral substances and, where applicable, of the processing products, derived from the operator’s mining operation, that is established

(1)  where the mineral substances and, where applicable, the processing products are used by the operator in the fiscal year, at the market price at the time of their use; or

(2)  where subparagraph 1 does not apply, according to one of the following methods of valuation:

(a)  at the market price at the time of alienation of the mineral substances and, where applicable, of the processing products alienated by the operator in the fiscal year;

(b)  according to the method used by the operator to prepare the financial statements for that fiscal year provided that the method is consistent with generally accepted accounting principles;

(c)  at the amount received or receivable as consideration for the alienation of the mineral substances and, where applicable, of the processing products alienated by the operator in the fiscal year.

For the purposes of the first paragraph, the value of the mineral substances and, where applicable, of the processing products does not include a gain or loss resulting from a hedging or speculative transaction.

1975, c. 30, s. 6; 1994, c. 47, s. 6; 1996, c. 4, s. 2; 2001, c. 51, s. 2.

1996-06-13

6. The gross value of the annual output for a fiscal year is the actual value of the mineral substances and, where applicable, of the processing products, derived from the operator’s mining operation that are alienated or used by him, in the fiscal year, at the market price at the time of their alienation or use. However, the actual value of the mineral substances and processing products does not include a gain or loss resulting from a hedging or speculative transaction.

1975, c. 30, s. 6; 1994, c. 47, s. 6; 1996, c. 4, s. 2.

1994-12-21

6. The gross value of the annual output for a fiscal year is the actual value of the mineral substances from the operator’s mining operation that are alienated or used by him, in the fiscal year, at the market price at the time of their alienation or use. However, the actual value of the mineral substances does not include a gain or loss resulting from a hedging or speculative transaction.

1975, c. 30, s. 6; 1994, c. 47, s. 6.

1977-12-31

6. The gross value of the annual output is the actual value of mineral substances sold or used by an operator during a fiscal year at the market price at the time of the sale or use thereof, or the actual value of mineral substances shipped or used by an operator during a fiscal year at the market price at the time of the shipping or use thereof, the whole according to the method regularly followed by the operator.

1975, c. 30, s. 6.