I-3 - Taxation Act

Section 733.0.0.1 Disposition versions

2006-03-01

733.0.0.1. A taxpayer may deduct his limited partnership losses in respect of a partnership for taxation years preceding the year, but no amount is deductible for the year in respect of a limited partnership loss except to the extent of the amount by which his at-risk amount in respect of the partnership, within the meaning assigned by sections 613.2 to 613.4, at the end of the last fiscal period of the partnership ending in the year exceeds the aggregate of all amounts each of which is

(a)  that part of the amount determined in respect of the partnership which is required by subsection 8 of section 127 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) to be added in computing the investment tax credit of the taxpayer for the taxation year within the meaning assigned to that expression by the said Act for the purposes of the said subsection;

(b)  the taxpayer’s share of any losses of the partnership for that fiscal period from a business or property; or

(c)  the taxpayer’s share of the foreign resource pool expenses, the Canadian exploration expense, the Canadian development expense, and the Canadian oil and gas property expense, incurred by the partnership in that fiscal period.

1988, c. 4, s. 54; 1997, c. 3, s. 71; 2004, c. 8, s. 141.