I-3 - Taxation Act

Section 145 Disposition versions

2006-03-01

145. A taxpayer may, in computing the taxpayer’s income from a business or property for a taxation year that begins before 1 January 2007, deduct the amount determined under the regulations in respect of a natural accumulation of petroleum or natural gas, an oil or gas well or mineral resource in Canada.

Such regulations may allow an amount for any or all accumulations, wells or mineral resources and the Government may prescribe a formula to determine such amount.

Where the taxation year referred to in the first paragraph includes 1 January 2007, that paragraph shall be read with “the proportion that the number of days in the year that precede that date is of the number of days in the year, of” inserted before “the amount”.

1975, c. 22, s. 17; 1987, c. 67, s. 39; 2005, c. 1, s. 61.