I-3 - Taxation Act

Section 220 Disposition versions

2020-09-24

220. The rule provided in section 218 applies to any person other than a prospector if:

(a)  that person, under an arrangement with a prospector made before the prospecting or exploration for minerals or development of a property for minerals, or as an employer of a prospector, advanced money for or paid part or all of the expenses incurred in such work; and

(b)  the share was received as consideration for the disposition to the corporation by the person referred to in paragraph a of a mining property or right in that property acquired by him under the arrangement contemplated in that paragraph, or if the prospector was his employee, acquired by him through his employee’s efforts.

Notwithstanding the foregoing, the rules provided in paragraphs b and e of section 218 do not apply to such person unless he is an individual or a partnership other than a partnership each member of which is a taxable Canadian corporation.

1972, c. 23, s. 208; 1987, c. 67, s. 44; 1997, c. 3, s. 71; 2020, c. 16, s. 188.

2006-03-01

220. The rule provided in section 218 applies to any person other than a prospector if:

(a)  that person, under an arrangement with a prospector made before the prospecting or exploration for minerals or development of a property for minerals, or as an employer of a prospector, advanced money for or paid part or all of the expenses incurred in such work; and

(b)  the share was received as consideration for the disposition to the corporation by the person referred to in paragraph a of a mining property or interest in that property acquired by him under the arrangement contemplated in that paragraph, or if the prospector was his employee, acquired by him through his employee’s efforts.

Notwithstanding the foregoing, the rules provided in paragraphs b and e of section 218 do not apply to such person unless he is an individual or a partnership other than a partnership each member of which is a taxable Canadian corporation.

1972, c. 23, s. 208; 1987, c. 67, s. 44; 1997, c. 3, s. 71.