I-3 - Taxation Act

Section 221 Disposition versions

2015-10-26

221. (Repealed).

1972, c. 23, s. 209; 1977, c. 26, s. 21; 1991, c. 25, s. 57; 2015, c. 24, s. 51.

2006-03-01

221. A taxpayer who operates a railway shall not deduct in computing his income for a taxation year any expense incurred by him in respect of the repair, replacement, alteration or renovation of depreciable property of a prescribed class if that expense is not to be entered in his books as an expense under a uniform classification and system of accounts and returns prescribed by the National Transportation Agency pursuant to the Railway Act (Revised Statutes of Canada, 1985, chapter R-3).

Such a taxpayer is however deemed to have acquired, for the purposes of sections 93 to 104 and the regulations made under paragraph a of section 130, depreciable property of a class, prescribed by regulation, at a capital cost equal to that expense.

1972, c. 23, s. 209; 1977, c. 26, s. 21; 1991, c. 25, s. 57.