I-3 - Taxation Act

Section 1137.0.1 Disposition versions

2009-06-04

1137.0.1. For the purposes of paragraph b.5 of section 1137, the following rules apply:

(a)  the gross revenue of a corporation for a taxation year from a mineral resource owned or operated by it includes its gross revenue for the year attributable to the processing, to any stage that is not beyond the prime metal stage or its equivalent, of ore, metals or minerals from that source, but does not include its gross revenue for the year attributable to processing beyond that stage; and

(b)  if a corporation is a member of a partnership, the gross revenue of the partnership from a mineral resource owned or operated by it and its gross revenue are deemed to constitute, respectively, a gross revenue of the corporation from a mineral resource owned or operated by it and a gross revenue of the corporation, in a proportion equal to the agreed proportion in respect of the corporation for the partnership’s fiscal period that ends in the taxation year of the corporation, and are deemed not to constitute income for the partnership.

1999, c. 83, s. 258; 2009, c. 15, s. 437.

2006-03-01

1137.0.1. For the purposes of paragraph b.5 of section 1137, the following rules apply:

(a)  the gross revenue of a corporation for a taxation year from a mineral resource owned or operated by it includes its gross revenue for the year attributable to the processing, to any stage that is not beyond the prime metal stage or its equivalent, of ore, metals or minerals from that source, but does not include its gross revenue for the year attributable to processing beyond that stage; and

(b)  where a corporation is a member of a partnership, the gross revenue of the partnership from a mineral resource owned or operated by it and its gross revenue are deemed to constitute, respectively, a gross revenue of the corporation from a mineral resource owned or operated by it and a gross revenue of the corporation, in such proportion as the corporation’s share of the income or loss of the partnership for the fiscal year of the partnership ending in the taxation year of the corporation is of the income or loss of the partnership for that fiscal period, on the assumption that, if the income and loss of the partnership for that fiscal period are nil, the partnership’s income for that fiscal period is equal to $1,000,000, and are deemed not to constitute income for the partnership.

1999, c. 83, s. 258.