I-0.4 - Mining Tax Act

Section 8.0.1 Disposition versions

2021-01-01

8.0.1. For the purposes of section 8, an operator shall not, in computing its annual profit or annual earnings from a mine for a fiscal year, deduct any of the following amounts:

(1)  an expense, except to the extent that it was incurred by the operator in respect of a mining operation to realize the gross value of the annual output from the mining operation and provided that the expense relates directly thereto;

(2)  an expense to the extent that it may reasonably be considered that an amount is received or receivable by the operator, in respect of the expense, as government assistance;

(3)  an expense incurred for constitution, organization or reorganization;

(4)  a capital loss or replacement of capital, a payment or outlay of capital or a depreciation, obsolescence or depletion allowance, except to the extent permitted by sections 10, 10.1.1, 10.17, 20.1, 21 and 26.0.1;

(5)  a royalty paid or payable in respect of output;

(6)  a premium or assessment paid in respect of an insurance contract, except where the insurance contract pertains to property regularly used in mining operation or a person, other than an executive or director, who is an employee of the operator and whose duties relate to mining operation;

(7)  costs of financing;

(8)  an amount paid or payable under this Act;

(9)  taxes on profits and on capital, income tax under a federal, provincial or foreign law and professional fees incurred in respect of an objection, contestation or appeal in respect of an assessment provided for in any such law;

(10)  a reserve or provision other than a prescribed reserve or provision;

(11)  an amount referred to in paragraph 3 of section 16.3;

(12)  a loss resulting from a hedging or speculative transaction;

(13)  an amount, other than a gift that the operator may deduct under subparagraph b of subparagraph 2 of the second paragraph of section 8 in computing the operator’s annual profit for the fiscal year, paid to a community or municipality under an agreement for the purpose of securing advantages or benefits for that community or municipality.

1994, c. 47, s. 8; 1997, c. 85, s. 20; 1999, c. 40, s. 111; 2011, c. 6, s. 22; 2015, c. 8, s. 45; 2015, c. 21, s. 47; 2020, c. 12, s. 145.

2015-10-21

8.0.1. For the purposes of section 8, an operator shall not, in computing its annual profit or annual earnings from a mine for a fiscal year, deduct any of the following amounts:

(1)  an expense, except to the extent that it was incurred by the operator in respect of a mining operation to realize the gross value of the annual output from the mining operation and provided that the expense relates directly thereto;

(2)  an expense to the extent that it may reasonably be considered that an amount is received or receivable by the operator, in respect of the expense, as government assistance;

(3)  an expense incurred for constitution, organization or reorganization;

(4)  a capital loss or replacement of capital, a payment or outlay of capital or a depreciation, obsolescence or depletion allowance, except to the extent permitted by sections 10, 10.1.1, 10.17, 20.1, 21 and 26.0.1;

(5)  a royalty paid or payable in respect of output;

(6)  a premium or assessment paid in respect of an insurance contract, except where the insurance contract pertains to property regularly used in mining operation or a person, other than an executive or director, who is an employee of the operator and whose duties relate to mining operation;

(7)  costs of financing;

(8)  an amount paid or payable under this Act;

(9)  taxes on profits and on capital, income tax under a federal, provincial or foreign law and professional fees incurred in respect of an objection or an appeal in respect of an assessment provided for in any such law;

(10)  a reserve or provision other than a prescribed reserve or provision;

(11)  an amount referred to in paragraph 3 of section 16.3;

(12)  a loss resulting from a hedging or speculative transaction;

(13)  an amount, other than a gift that the operator may deduct under subparagraph b of subparagraph 2 of the second paragraph of section 8 in computing the operator’s annual profit for the fiscal year, paid to a community or municipality under an agreement for the purpose of securing advantages or benefits for that community or municipality.

1994, c. 47, s. 8; 1997, c. 85, s. 20; 1999, c. 40, s. 111; 2011, c. 6, s. 22; 2015, c. 8, s. 45; 2015, c. 21, s. 47.

2015-09-01

8.0.1. For the purposes of section 8, an operator shall not, in computing its annual profit or annual earnings from a mine for a fiscal year, deduct any of the following amounts:

(1)  an expense, except to the extent that it was incurred by the operator in respect of a mining operation to realize the gross value of the annual output from the mining operation and provided that the expense relates directly thereto;

(2)  an expense to the extent that it may reasonably be considered that an amount is received or receivable by the operator, in respect of the expense, as government assistance;

(3)  an expense incurred for constitution, organization or reorganization;

(4)  a capital loss or replacement of capital, a payment or outlay of capital or a depreciation, obsolescence or depletion allowance, except to the extent permitted by sections 10, 10.1.1, 21 and 26.0.1;

(5)  a royalty paid or payable in respect of output;

(6)  a premium or assessment paid in respect of an insurance contract, except where the insurance contract pertains to property regularly used in mining operation or a person, other than an executive or director, who is an employee of the operator and whose duties relate to mining operation;

(7)  costs of financing;

(8)  an amount paid or payable under this Act;

(9)  taxes on profits and on capital, income tax under a federal, provincial or foreign law and professional fees incurred in respect of an objection or an appeal in respect of an assessment provided for in any such law;

(10)  a reserve or provision other than a prescribed reserve or provision;

(11)  an amount referred to in paragraph 3 of section 16.3;

(12)  a loss resulting from a hedging or speculative transaction;

(13)  an amount, other than a gift that the operator may deduct under subparagraph b of subparagraph 2 of the second paragraph of section 8 in computing the operator’s annual profit for the fiscal year, paid to a community or municipality under an agreement for the purpose of securing advantages or benefits for that community or municipality.

1994, c. 47, s. 8; 1997, c. 85, s. 20; 1999, c. 40, s. 111; 2011, c. 6, s. 22; 2015, c. 8, s. 45.

2011-06-06

8.0.1. For the purposes of section 8, an operator shall not, in computing its annual profit or annual earnings from a mine for a fiscal year, deduct any of the following amounts:

(1)  an expense, except to the extent that it was incurred by the operator in respect of a mining operation to realize the gross value of the annual output from the mining operation and provided that the expense relates directly thereto;

(2)  an expense to the extent that it may reasonably be considered that an amount is received or receivable by the operator, in respect of the expense, as government assistance;

(3)  an expense incurred for constitution, organization or reorganization;

(4)  a capital loss or replacement of capital, a payment or outlay of capital or a depreciation, obsolescence or depletion allowance, except to the extent permitted by sections 10, 10.1.1, 21 and 26.0.1;

(5)  a royalty paid or payable in respect of output;

(6)  a premium or assessment paid in respect of an insurance contract, except where the insurance contract pertains to property regularly used in mining operation or a person, other than an executive or director, who is an employee of the operator and whose duties relate to mining operation;

(7)  costs of financing;

(8)  an amount paid or payable under this Act;

(9)  taxes on profits and on capital, income tax under a federal, provincial or foreign law and professional fees incurred in respect of an objection or an appeal in respect of an assessment provided for in any such law;

(10)  a reserve or provision other than a reserve or provision prescribed by regulation of the Government;

(11)  an amount referred to in paragraph 3 of section 16.3;

(12)  a loss resulting from a hedging or speculative transaction;

(13)  an amount, other than a gift that the operator may deduct under subparagraph b of subparagraph 2 of the second paragraph of section 8 in computing the operator’s annual profit for the fiscal year, paid to a community or municipality under an agreement for the purpose of securing advantages or benefits for that community or municipality.

1994, c. 47, s. 8; 1997, c. 85, s. 20; 1999, c. 40, s. 111; 2011, c. 6, s. 22.

1999-10-22

8.0.1. For the purposes of section 8, an operator shall not deduct, in computing his annual profit for a fiscal year,

(1)  an expense, except to the extent that it was incurred by the operator in respect of a mining operation to realize the gross value of the annual output from the mining operation and provided that the expense relates directly thereto;

(2)  an expense to the extent that it may reasonably be considered that an amount is received or receivable by the operator, in respect of the expense, as government assistance;

(3)  an expense incurred for constitution, organization or reorganization;

(4)  a loss or replacement of capital, a payment or outlay of capital or a depreciation, obsolescence or depletion allowance, except as permitted by sections 10, 17, 21 and 26.0.1;

(5)  a royalty paid or payable in respect of output;

(6)  a premium or assessment paid in respect of an insurance contract, except where the insurance contract pertains to property regularly used in mining operation or a person, other than an executive or director, who is an employee of the operator and whose duties relate to mining operation;

(7)  costs of financing;

(8)  an amount paid or payable under this Act;

(9)  taxes on profits and on capital, income tax under a federal, provincial or foreign law and professional fees incurred in respect of an objection or an appeal in respect of an assessment provided for in any such law;

(10)  a reserve or provision other than a reserve or provision prescribed by regulation of the Government;

(11)  an amount referred to in paragraph 3 of section 16.3; and

(12)  a loss resulting from a hedging or speculative transaction.

1994, c. 47, s. 8; 1997, c. 85, s. 20; 1999, c. 40, s. 111.

1997-12-19

8.0.1. For the purposes of section 8, an operator shall not deduct, in computing his annual profit for a fiscal year,

(1)  an expense, except to the extent that it was incurred by the operator in respect of a mining operation to realize the gross value of the annual output from the mining operation and provided that the expense relates directly thereto;

(2)  an expense to the extent that it may reasonably be considered that an amount is received or receivable by the operator, in respect of the expense, as government assistance;

(3)  an expense incurred for incorporation, organization or reorganization;

(4)  a loss or replacement of capital, a payment or outlay of capital or a depreciation, obsolescence or depletion allowance, except as permitted by sections 10, 17, 21 and 26.0.1;

(5)  a royalty paid or payable in respect of output;

(6)  a premium or assessment paid in respect of an insurance contract, except where the insurance contract pertains to property regularly used in mining operation or a person, other than an executive or director, who is an employee of the operator and whose duties relate to mining operation;

(7)  costs of financing;

(8)  an amount paid or payable under this Act;

(9)  taxes on profits and on capital, income tax under a federal, provincial or foreign law and professional fees incurred in respect of an objection or an appeal in respect of an assessment provided for in any such law;

(10)  a reserve or provision other than a reserve or provision prescribed by regulation of the Government;

(11)  an amount referred to in paragraph 3 of section 16.3; and

(12)  a loss resulting from a hedging or speculative transaction.

1994, c. 47, s. 8; 1997, c. 85, s. 20.

1994-12-21

8.0.1. For the purposes of section 8, an operator shall not deduct, in computing his annual profit for a fiscal year,

(1)  an expense, except to the extent that it was incurred by the operator in respect of a mining operation to realize the gross value of the annual output from the mining operation and provided that the expense relates directly thereto;

(2)  an expense to the extent that it may reasonably be considered that an amount is received or receivable by the operator, in respect of the expense, as government assistance;

(3)  an expense incurred for incorporation, organization or reorganization;

(4)  a loss or replacement of capital, a payment or outlay of capital or a depreciation, obsolescence or depletion allowance, except as permitted by sections 10, 17 and 21;

(5)  a royalty paid or payable in respect of output;

(6)  a premium or assessment paid in respect of an insurance contract, except where the insurance contract pertains to property regularly used in mining operation or a person, other than an executive or director, who is an employee of the operator and whose duties relate to mining operation;

(7)  costs of financing;

(8)  an amount paid or payable under this Act;

(9)  taxes on profits and on capital, income tax under a federal, provincial or foreign law and professional fees incurred in respect of an objection or an appeal in respect of an assessment provided for in any such law;

(10)  a reserve or provision other than a reserve or provision prescribed by regulation of the Government;

(11)  an amount referred to in paragraph 3 of section 16.3; and

(12)  a loss resulting from a hedging or speculative transaction.

1994, c. 47, s. 8.