I-3 - Taxation Act

Section 726.4.15 Disposition versions

2015-10-21

726.4.15. In this Title, a qualified corporation is a corporation all of the activities of which consist mainly in exploring for minerals, petroleum or gas or developing a mineral resource or an oil or gas well and which, at the time the expenses in respect of which an amount is renounced under section 359.2 or 359.2.1 or at the time the expenses referred to in paragraph e of section 395, as the case may be, are incurred, and throughout the 12-month period preceding that time, fulfils the following conditions:

(a)  the corporation does not operate any mineral resource or oil or gas well;

(b)  the corporation is not a member of an associated group, within the meaning of section 726.4.17.18.1, a member of which operates a mineral resource or an oil or gas well.

1989, c. 5, s. 86; 1990, c. 7, s. 25; 1995, c. 49, s. 163; 1997, c. 3, s. 71; 1997, c. 31, s. 143; 2015, c. 21, s. 245.

2006-03-01

726.4.15. In this Title, a qualified corporation is a corporation all of the activities of which consist mainly in exploring for minerals, petroleum or gas or developing a mineral resource or an oil or gas well and which, at the time the expenses in respect of which an amount is renounced under section 359.2 or 359.2.1 or at the time the expenses referred to in paragraph e of section 395, as the case may be, are incurred, and throughout the 12-month period preceding that time, fulfils the following conditions:

(a)  the corporation does not operate any mineral resource or oil or gas well;

(b)  the corporation neither controls another corporation that operates a mineral resource or an oil or gas well nor is so controlled by such a corporation.

1989, c. 5, s. 86; 1990, c. 7, s. 25; 1995, c. 49, s. 163; 1997, c. 3, s. 71; 1997, c. 31, s. 143.