I-3 - Taxation Act

Section 333.2 Disposition versions

2009-05-15

333.2. A taxpayer shall include, in computing the taxpayer’s income for the taxation year in respect of which the taxpayer made the election referred to in the first paragraph of section 333.1, the amount by which the amount deducted under that section exceeds the aggregate of Canadian exploration expenses, Canadian development expenses and Canadian oil and gas property expenses that the taxpayer incurred in the taxpayer’s 10 taxation years that follow the year and that the taxpayer either designated before 20 December 2006 in accordance with this section, or designates after 19 December 2006 in accordance with subparagraph ii of paragraph b of section 59.1 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), except that, for the purposes of this paragraph, the expenses so designated after 19 December 2006 are to be adjusted, if applicable, in a manner that is satisfactory to the Minister to take into account the difference between the amount allowed as a deduction in computing the taxpayer’s income for the year for the purposes of that Act under paragraph a of section 59.1 of that Act and the amount deducted under section 333.1.

Despite sections 1010 to 1011, the Minister shall make a reassessment to redetermine the tax, interest and penalties to be paid by the taxpayer under this Part as is required in respect of any taxation year to give effect to the inclusion referred to in the first paragraph.

Chapter V.2 of Title II of Book I applies in relation to a designation made under subparagraph ii of paragraph b of section 59.1 of the Income Tax Act or in relation to a designation made under this section before 20 December 2006.

1978, c. 26, s. 51; 1982, c. 5, s. 75; 2009, c. 5, s. 116.

2006-03-01

333.2. (1)  A taxpayer must include, in computing his income for the year in respect of which he elected under section 333.1, the amount by which the amount deducted under the said section exceeds the aggregate of Canadian exploration expenses, Canadian development expenses and Canadian oil and gas property expenses incurred by him in his ten taxation years immediately following the year as were designated by him in his fiscal return filed for the year in which the expenses were incurred.

(2)  Notwithstanding paragraph b of subsection 2 of section 1010 and section 1011, the Minister shall, if necessary, make a reassessment to re-determine the tax, interest and penalties to be paid by the taxpayer under this Part in respect of any taxation year to give effect to the inclusion referred to in subsection 1.

1978, c. 26, s. 51; 1982, c. 5, s. 75.