I-3 - Taxation Act

Section 370 Disposition versions

2020-09-24

370. In this chapter, a Canadian resource property of a taxpayer is any property of the taxpayer which is

(a)  any right, licence or privilege to explore for, drill for or take petroleum, natural gas or other related hydrocarbons in Canada;

(b)  any right, licence or privilege to prospect, explore, drill or mine for minerals in a mineral resource in Canada, other than a bituminous sands deposit or an oil shale deposit, or to store underground petroleum, natural gas or other related hydrocarbons in Canada;

(c)  any oil or gas well in Canada or any immovable property in Canada the value of which depends primarily upon its petroleum, natural gas or related hydrocarbon content (not including any depreciable property);

(d)  any right to a rental or royalty computed by reference to the amount or value of production from an oil or gas well in Canada, or from a natural accumulation of petroleum, natural gas or related hydrocarbon in Canada, if the payer of the rental or royalty has a right in the well or accumulation, as the case may be, and 90% or more of the rental or royalty is payable out of, or from the proceeds of, the production from the well or accumulation;

(d.1)  any right to a rental or royalty computed by reference to the amount or value of production from a mineral resource in Canada, other than a bituminous sands deposit or an oil shale deposit, if the payer of the rental or royalty has a right in the mineral resource and 90% or more of the rental or royalty is payable out of, or from the proceeds of, the production from the mineral resource;

(e)  any immovable property in Canada (not including any depreciable property) the value of which depends primarily upon its mineral resource content, other than where the mineral resource is a bituminous sands deposit or an oil shale deposit;

(f)  any right in or to any property described in any of paragraphs a to d.1, other than such a right that the taxpayer has because the taxpayer is a beneficiary under a trust or a member of a partnership; or

(g)  a real right in an immovable property described in paragraph e, other than such a right that the taxpayer has because the taxpayer is a beneficiary under a trust or a member of a partnership.

1972, c. 23, s. 337; 1975, c. 22, s. 75; 1980, c. 13, s. 30; 1982, c. 5, s. 84; 1986, c. 19, s. 71; 1987, c. 67, s. 81; 1995, c. 49, s. 236; 2004, c. 8, s. 62; 2005, c. 1, s. 94; 2012, c. 8, s. 50; 2020, c. 16, s. 63.

2012-05-09

370. In this chapter, a Canadian resource property of a taxpayer is any property of the taxpayer which is

(a)  any right, licence or privilege to explore for, drill for or take petroleum, natural gas or other related hydrocarbons in Canada;

(b)  any right, licence or privilege to prospect, explore, drill or mine for minerals in a mineral resource in Canada, other than a bituminous sands deposit or an oil shale deposit, or to store underground petroleum, natural gas or other related hydrocarbons in Canada;

(c)  any oil or gas well in Canada or any immovable property or real property in Canada the value of which depends primarily upon its petroleum, natural gas or related hydrocarbon content (not including any depreciable property);

(d)  any right to a rental or royalty computed by reference to the amount or value of production from an oil or gas well in Canada, or from a natural accumulation of petroleum, natural gas or related hydrocarbon in Canada, if the payer of the rental or royalty has a right or an interest in the well or accumulation, as the case may be, and 90% or more of the rental or royalty is payable out of, or from the proceeds of, the production from the well or accumulation;

(d.1)  any right to a rental or royalty computed by reference to the amount or value of production from a mineral resource in Canada, other than a bituminous sands deposit or an oil shale deposit, if the payer of the rental or royalty has a right or an interest in the mineral resource and 90% or more of the rental or royalty is payable out of, or from the proceeds of, the production from the mineral resource;

(e)  any immovable property or real property in Canada (not including any depreciable property) the value of which depends primarily upon its mineral resource content, other than where the mineral resource is a bituminous sands deposit or an oil shale deposit;

(f)  any right or interest relating to any property described in any of paragraphs a to d.1, other than such a right or interest that the taxpayer has because the taxpayer is a beneficiary under a trust or a member of a partnership; or

(g)  a real right in an immovable property described in paragraph e or an interest in real property described in that paragraph, other than such a right or interest that the taxpayer has because the taxpayer is a beneficiary under a trust or a member of a partnership.

1972, c. 23, s. 337; 1975, c. 22, s. 75; 1980, c. 13, s. 30; 1982, c. 5, s. 84; 1986, c. 19, s. 71; 1987, c. 67, s. 81; 1995, c. 49, s. 236; 2004, c. 8, s. 62; 2005, c. 1, s. 94; 2012, c. 8, s. 50.

2006-03-01

370. In this chapter, a Canadian resource property of a taxpayer is any property of the taxpayer which is

(a)  any right, licence or privilege to explore for, drill for or take petroleum, natural gas or other related hydrocarbons in Canada;

(b)  any right, licence or privilege to prospect, explore, drill or mine for minerals in a mineral resource in Canada or to store underground petroleum, natural gas or related hydrocarbons in Canada;

(c)  any oil or gas well in Canada or any immovable property in Canada the principal value of which depends primarily upon its petroleum or natural gas content, except any depreciable property;

(d)  any rental or royalty computed by reference to the amount or value of production from an oil or gas well in Canada or from a natural accumulation of petroleum or natural gas in Canada;

(d.1)  any rental or royalty computed by reference to the amount or value of production from a mineral resource in Canada;

(e)  any immovable property in Canada the principal value of which depends primarily upon its mineral resource content, except any depreciable property; or

(f)  any right to or interest in any property described in any of paragraphs a to e, other than such a right or interest that the taxpayer has because the taxpayer is a beneficiary under a trust or a member of a partnership.

1972, c. 23, s. 337; 1975, c. 22, s. 75; 1980, c. 13, s. 30; 1982, c. 5, s. 84; 1986, c. 19, s. 71; 1987, c. 67, s. 81; 1995, c. 49, s. 236; 2004, c. 8, s. 62; 2005, c. 1, s. 94.