I-3 - Taxation Act

Section 330 Disposition versions

2023-09-26

330. A taxpayer must include in computing his income for a taxation year:

(a)  the amount by which the portion of the proceeds from the disposition by the taxpayer of a foreign resource property that became receivable in the year exceeds the total of

i.  the aggregate of all amounts each of which is an outlay or expense made or incurred by the taxpayer for the purpose of making the disposition and that was not otherwise deductible for the purposes of this Part, and

ii.  where the property is a foreign resource property in relation to a country, the amount designated by the taxpayer in respect of the disposition in prescribed form filed with the taxpayer’s fiscal return under this Part for the year;

(b)  the amount deducted pursuant to sections 357 and 358, as they apply in respect of a disposition made before 13 November 1981, in computing the taxpayer’s income for the preceding taxation year;

(c)  the amount by which the amount described in section 388 exceeds the total of

i.  the portion of the taxpayer’s foreign exploration and development expenses incurred before the time referred to in section 388, that was not deductible or was not deducted, as the case may be, in computing the taxpayer’s income for a preceding taxation year, and

ii.  the amount designated by the taxpayer in prescribed form filed with the taxpayer’s fiscal return under this Part for the year, not exceeding the portion of the amount described in section 388 for which the consideration given by the taxpayer was services rendered or property, other than a foreign resource property, transferred by the taxpayer, the original cost of which to the taxpayer having been primarily specified foreign exploration and development expenses in relation to a country, within the meaning of section 372.2, or foreign resource expenses in relation to a country;

(d)  the amount by which the aggregate of all amounts deducted under section 399 in computing his cumulative Canadian exploration expenses at the end of the year exceeds the total of the aggregate of all amounts included under section 398 in computing his cumulative Canadian exploration expenses at the end of the year and the aggregate determined under subparagraph i of paragraph a of section 418.31.1 in respect of the taxpayer for the year;

(e)  the amount by which the total of the aggregate of all amounts deducted under section 412 in computing his cumulative Canadian development expenses at the end of the year and the amount designated by him for the year for the purposes of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) under subsection 14.2 of section 66 thereof exceeds the total of the aggregate of all amounts included under section 411 in computing his cumulative Canadian development expenses at the end of the year and the aggregate determined under subparagraph i of paragraph b of section 418.31.1 in respect of the taxpayer for the year;

(e.1)  the amount by which the aggregate of the amounts deducted under section 418.1.4 in computing the taxpayer’s cumulative foreign resource expense at the end of the year in relation to a country exceeds the total of

i.  the aggregate of the amounts included under section 418.1.3 in computing the taxpayer’s cumulative foreign resource expense at the end of the year in relation to that country, and

ii.  the aggregate determined for the year under paragraph a of section 418.32.2 in respect of the taxpayer and that country;

(f)  any amount contemplated in paragraph b of section 419.3; and

(g)  any amount contemplated in section 419.4.

1975, c. 22, s. 61; 1985, c. 25, s. 57; 1986, c. 19, s. 60; 1987, c. 67, s. 78; 1993, c. 16, s. 134; 2004, c. 8, s. 59; 2023, c. 19, s. 23.

2006-03-01

330. A taxpayer must include in computing his income for a taxation year:

(a)  the amount by which the portion of the proceeds from the disposition by the taxpayer of a foreign resource property that became receivable in the year exceeds the total of

i.  the aggregate of all amounts each of which is an outlay or expense made or incurred by the taxpayer for the purpose of making the disposition and that was not otherwise deductible for the purposes of this Part, and

ii.  where the property is a foreign resource property in relation to a country, the amount designated by the taxpayer in respect of the disposition in prescribed form filed with the taxpayer’s fiscal return under this Part for the year;

(b)  the amount deducted pursuant to sections 357 and 358 in computing his income for the preceding taxation year;

(c)  the amount by which the amount described in section 388 exceeds the total of

i.  the portion of the taxpayer’s foreign exploration and development expenses incurred before the time referred to in section 388, that was not deductible or was not deducted, as the case may be, in computing the taxpayer’s income for a preceding taxation year, and

ii.  the amount designated by the taxpayer in prescribed form filed with the taxpayer’s fiscal return under this Part for the year, not exceeding the portion of the amount described in section 388 for which the consideration given by the taxpayer was services rendered or property, other than a foreign resource property, transferred by the taxpayer, the original cost of which to the taxpayer having been primarily specified foreign exploration and development expenses in relation to a country, within the meaning of section 372.2, or foreign resource expenses in relation to a country;

(d)  the amount by which the aggregate of all amounts deducted under section 399 in computing his cumulative Canadian exploration expenses at the end of the year exceeds the total of the aggregate of all amounts included under section 398 in computing his cumulative Canadian exploration expenses at the end of the year and the aggregate determined under subparagraph i of paragraph a of section 418.31.1 in respect of the taxpayer for the year;

(e)  the amount by which the total of the aggregate of all amounts deducted under section 412 in computing his cumulative Canadian development expenses at the end of the year and the amount designated by him for the year for the purposes of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) under subsection 14.2 of section 66 thereof exceeds the total of the aggregate of all amounts included under section 411 in computing his cumulative Canadian development expenses at the end of the year and the aggregate determined under subparagraph i of paragraph b of section 418.31.1 in respect of the taxpayer for the year;

(e.1)  the amount by which the aggregate of the amounts deducted under section 418.1.4 in computing the taxpayer’s cumulative foreign resource expense at the end of the year in relation to a country exceeds the total of

i.  the aggregate of the amounts included under section 418.1.3 in computing the taxpayer’s cumulative foreign resource expense at the end of the year in relation to that country, and

ii.  the aggregate determined for the year under paragraph a of section 418.32.2 in respect of the taxpayer and that country;

(f)  any amount contemplated in paragraph b of section 419.3; and

(g)  any amount contemplated in section 419.4.

1975, c. 22, s. 61; 1985, c. 25, s. 57; 1986, c. 19, s. 60; 1987, c. 67, s. 78; 1993, c. 16, s. 134; 2004, c. 8, s. 59.