I-3 - Taxation Act

Section 1029.8.36.166.60.41 Disposition versions

2023-03-15

1029.8.36.166.60.41. For the purposes of this division, the balance of a joint venture’s cumulative specified expense limit for a particular fiscal period of the joint venture is equal to the amount by which $100,000,000 exceeds the total of

(a)  the aggregate of all amounts each of which is the specified expenses incurred by a corporation or a partnership in respect of a specified property as a party to the joint venture, in a fiscal period of the joint venture (in this paragraph referred to as the “preceding fiscal period concerned”) that ends in the 48-month period preceding the beginning of the particular fiscal period, in respect of which an amount would be deemed to have been paid to the Minister under section 1029.8.36.166.60.48 or 1029.8.36.166.60.49, as the case may be, if no reference were made to its third paragraph and the excluded expense amount relating to the specified property were equal to zero; and

(b)  the aggregate of all amounts each of which is the portion of the eligible expenses incurred by a corporation or a partnership in respect of a qualified property as a party to the joint venture, in the particular fiscal period or a preceding fiscal period concerned of the joint venture, that would be referred to in subparagraph i of subparagraph a of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44, as the case may be, and in respect of which an amount would be deemed to have been paid to the Minister under section 1029.8.36.166.43 or 1029.8.36.166.44 if no reference were made to its third paragraph and the excluded expense amount relating to the qualified property were equal to zero.

For the purposes of this section, a joint venture is deemed to be a partnership whose fiscal period ends on 31 December of a calendar year.

For the purposes of this division, the share of a corporation for a taxation year, or of a partnership for a fiscal period, of the balance of a joint venture’s cumulative specified expense limit is equal,

(a)  in the case of a corporation,

i.  where its taxation year does not end on 31 December of a calendar year, to the aggregate of all amounts each of which is the proportion of its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for a fiscal period of the joint venture, a part of which is included in the taxation year, that the specified expenses incurred by the corporation as a party to the joint venture in that part of the fiscal period is of the aggregate of the specified expenses incurred by the corporation as a party to the joint venture in that fiscal period, or

ii.  where its taxation year ends on 31 December of a calendar year, to its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for the joint venture’s fiscal period whose end coincides with the end of the corporation’s taxation year; and

(b)  in the case of a partnership,

i.  where its fiscal period does not end on 31 December of a calendar year, to the aggregate of all amounts each of which is the proportion of its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for the joint venture’s fiscal period, a part of which is included in the partnership’s fiscal period, that the specified expenses incurred by the partnership as a party to the joint venture in that part of the joint venture’s fiscal period is of the aggregate of the specified expenses incurred by the partnership as a party to the joint venture in that fiscal period of the joint venture, or

ii.  where its fiscal period ends on 31 December of a calendar year, to its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for the joint venture’s fiscal period whose end coincides with the end of the partnership’s fiscal period.

The share of a corporation or a partnership of the balance of a joint venture’s cumulative specified expense limit for a fiscal period of the joint venture is equal to the proportion of that amount that the specified expenses incurred by the corporation or partnership, as the case may be, in that fiscal period as a party to the joint venture is of the aggregate of the specified expenses incurred in the joint venture’s fiscal period.

2021, c. 14, s. 151; 2023, c. 2, s. 53.

2021-06-02

1029.8.36.166.60.41. For the purposes of this division, the balance of a joint venture’s cumulative specified expense limit for a particular fiscal period of the joint venture is equal to the amount by which $100,000,000 exceeds the total of

(a)  the aggregate of all amounts each of which is the specified expenses incurred by a corporation or a partnership in respect of a specified property as a party to the joint venture, in a fiscal period of the joint venture (in this paragraph referred to as the “preceding fiscal period concerned”) that ends in the 48-month period preceding the beginning of the particular fiscal period, in respect of which an amount would be deemed to have been paid to the Minister under section 1029.8.36.166.60.48 or 1029.8.36.166.60.49, as the case may be, if no reference were made to its third paragraph and the excluded expense amount relating to the specified property were equal to zero; and

(b)  the aggregate of all amounts each of which is the portion of the eligible expenses incurred by a corporation or a partnership in respect of a qualified property as a party to the joint venture, in the particular fiscal period or a preceding fiscal period concerned of the joint venture, that would be referred to in subparagraph i of subparagraph a of the first paragraph of section 1029.8.36.166.43 or 1029.8.36.166.44, as the case may be, and in respect of which an amount would be deemed to have been paid to the Minister under section 1029.8.36.166.43 or 1029.8.36.166.44 if no reference were made to its third paragraph and the excluded expense amount relating to the qualified property were equal to zero.

For the purposes of this section, a joint venture is deemed to be a partnership whose fiscal period ends on 31 December of a calendar year.

For the purposes of this division, the share of a corporation for a taxation year, or of a partnership for a fiscal period, of the balance of a joint venture’s cumulative specified expense limit is equal,

(a)  in the case of a corporation,

i.  where its taxation year does not end on 31 December of a calendar year, to the aggregate of all amounts each of which is the proportion of its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for a fiscal period of the joint venture, a part of which is included in the taxation year, that the specified expenses incurred by the corporation as a party to the joint venture in that part of the fiscal period is of the aggregate of the specified expenses incurred by the corporation as a party to the joint venture in that fiscal period, or

ii.  where its taxation year ends on 31 December of a calendar year, to its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for the joint venture’s fiscal period whose end coincides with the end of the corporation’s taxation year; and

(b)  in the case of a partnership,

i.  where its fiscal period does not end on 31 December of a calendar year, to the aggregate of all amounts each of which is the proportion of its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for the joint venture’s fiscal period, a part of which is included in the partnership’s fiscal period, that the specified expenses incurred by the partnership as a party to the joint venture in that part of the joint venture’s fiscal period is of the aggregate of the specified expenses incurred by the partnership as a party to the joint venture in that fiscal period of the joint venture, or

ii.  where its fiscal period ends on 31 December of a calendar year, to its share, determined in accordance with the fourth paragraph, of the balance of the joint venture’s cumulative specified expense limit for the joint venture’s fiscal period whose end coincides with the end of the partnership’s fiscal period.

The share to which the third paragraph refers of a corporation or a partnership of the balance of a joint venture’s cumulative specified expense limit for a fiscal period of the joint venture is equal to the proportion of that amount that the specified expenses incurred by the corporation or partnership, as the case may be, in that fiscal period as a party to the joint venture is of the aggregate of the specified expenses incurred in the joint venture’s fiscal period.

2021, c. 14, s. 151.