I-3 - Taxation Act

Section 726.4.7.2 Disposition versions

2006-03-01

726.4.7.2. A certified Québec film is contemplated in subparagraph i of paragraph a of section 726.4.7.1 where the film is a motion picture film or video tape

(a)  that was acquired before 1 January 1990 and the principal taping or photography thereof was commenced before that date or was completed not later than 1 March 1990;

(b)  that was acquired after 31 December 1989 pursuant to an agreement in writing entered into by an individual or a partnership, as the case may be, not later than 18 December 1989 or in accordance with a final prospectus, preliminary prospectus or offering memorandum filed with the Commission des valeurs mobilières du Québec not later than 18 December 1989, to the extent that the total amount of funds so collected for the production of the film or tape does not exceed the amount stipulated in this regard in the agreement at the time it was entered into or in the final prospectus, preliminary prospectus or offering memorandum, as the case may be, at the time it was filed with the Commission des valeurs mobilières du Québec;

(c)  that was acquired after 31 December 1989 but not later than 31 December 1990, where the following conditions are met:

i.  the individual or partnership having acquired the film or tape has paid for it in full not later than 31 December 1990 and, as the case may be, all members of the partnership have done so with their acquired partnership interest or their additional contribution of capital to the partnership in respect of the film or tape;

ii.  a favourable ruling, prior to the financing necessary for the production of the film or tape, has been obtained from the Société de développement des entreprises culturelles to the effect that

(1)  the film or tape is not a sponsored film, a sports, quiz, variety or public affairs programme, or an advertising, industrial or educational film,

(2)  the film or tape is part of a series that includes other certified Québec films that have been acquired before 1 January 1990, and

(3)  the film or tape is produced at a fixed cost or at a cost determined on the basis of a formula stipulated in a production option agreement entered into before 1 April 1990 by a licensed radio broadcaster or a genuine distributor of films or video tapes;

(d)  the principal taping or photography of which was completed not later than 1 March 1991, which film or tape would be described in paragraph c if subparagraph ii thereof were read as follows:

“ii. the Société de développement des entreprises culturelles has received, not later than 1 March 1990, an application for a ruling and the documents necessary to give such ruling and has given a favourable ruling to the effect that

(1) the film or tape is not a sponsored film, a sports, quiz, variety or public affairs programme, or an advertising, industrial or educational film, and

(2) the film or tape was at a substantially advanced stage on 18 December 1989;”.

1991, c. 8, s. 17; 1994, c. 21, s. 50; 1997, c. 3, s. 71.