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I-3, r. 1 - Regulation respecting the Taxation Act
Section 130r124
Disposition versions
130R124. The following rules apply in respect of a property referred to in section 130R122 or 130R123:
(a) no amount may be included under subparagraph a of the fourth paragraph of section 130R120 in respect of the property;
(b) if sections 130R24 to 130R36 apply in respect of the property, section 130R27 must be read, in respect of the property, without reference to the second paragraph;
(c) if the property is acquired before 1 January 1988 and is included in a class in respect of which section 130R46 applies, the property is deemed to be a designated property of the class;
(d) if the property is acquired after 31 December 1987 and is included in a class in respect of which paragraph b of section 130R46 applies, the following rules apply:
i. the property is deemed to be a designated property of the class, and
ii. for the purposes of computing the amount determined under section 130R48 for any taxation year of the taxpayer ending after the time the property was actually acquired by the taxpayer, the property is deemed, other than for the purposes of determining the period referred to in section 130R123 during which a person from whom the taxpayer acquired the property, referred to as the “last transferor” in this section, owned the property before it was acquired by the taxpayer, and subject to the third paragraph, to have been acquired by the taxpayer immediately after the commencement of the taxpayer’s first taxation year that commenced at the time that is the earlier of
(1) the time when the property was last acquired by the last transferor, and
(2) where the property was transferred in a series of transfers to which section 130R123 and this section apply, the time when the property was last acquired by the first taxpayer, referred to as the “first transferor” in this section, having transferred the property in that series,
iii. the property is deemed to have become available for use by the taxpayer at the earlier of
(1) the time when it became available for use by the taxpayer, and
(2) the time, determined without reference to subparagraph c of the first paragraph of section 93.7 of the Act and subparagraph d of the first paragraph of section 93.8 of the Act, when, as the case may be, it became available for use by the last transferor or it became available for use by the first transferor in a series of transfers of the same property to which section 130R123 and this section apply; and
(e) if the property is property described in section 130R62, subparagraph a of the first paragraph of section 130R63 is to be read as follows in respect of that property:
“(a) 33 1/3% of the capital cost of the property to the taxpayer;”.
For the purposes of subparagraph ii of subparagraph d of the first paragraph, where the taxpayer is a corporation incorporated after the end of the first or the last transferor’s taxation year, as the case may be, during which the transferor last acquired the property, the following rules apply:
(a) the taxpayer is deemed to have been in existence throughout the period commencing immediately before the end of that year and ending immediately after the time when it was so incorporated; and
(b) the taxpayer’s fiscal periods, throughout the period described in subparagraph a, are deemed to have ended on the day of the year on which its first fiscal period ended.
Subparagraph ii of subparagraph d of the first paragraph does not apply where the property was acquired by the taxpayer before the end of the first or the last transferor’s taxation year, as the case may be, that includes the time when the transferor acquired the property.
130R124. The following rules apply in respect of a property referred to in section 130R122 or 130R123:
(a) no amount may be included under subparagraph a of the second paragraph of section 130R120 in respect of the property;
(b) if sections 130R24 to 130R36 apply in respect of the property, section 130R27 must be read, in respect of the property, without reference to the second paragraph;
(c) if the property is acquired before 1 January 1988 and is included in a class in respect of which section 130R46 applies, the property is deemed to be a designated property of the class;
(d) if the property is acquired after 31 December 1987 and is included in a class in respect of which paragraph b of section 130R46 applies, the following rules apply:
i. the property is deemed to be a designated property of the class, and
ii. for the purposes of computing the amount determined under section 130R48 for any taxation year of the taxpayer ending after the time the property was actually acquired by the taxpayer, the property is deemed, other than for the purposes of determining the period referred to in section 130R123 during which a person from whom the taxpayer acquired the property, referred to as the “last transferor” in this section, owned the property before it was acquired by the taxpayer, and subject to the third paragraph, to have been acquired by the taxpayer immediately after the commencement of the taxpayer’s first taxation year that commenced at the time that is the earlier of
(1) the time when the property was last acquired by the last transferor, and
(2) where the property was transferred in a series of transfers to which section 130R123 and this section apply, the time when the property was last acquired by the first taxpayer, referred to as the “first transferor” in this section, having transferred the property in that series,
iii. the property is deemed to have become available for use by the taxpayer at the earlier of
(1) the time when it became available for use by the taxpayer, and
(2) the time, determined without reference to subparagraph c of the first paragraph of section 93.7 of the Act and subparagraph d of the first paragraph of section 93.8 of the Act, when, as the case may be, it became available for use by the last transferor or it became available for use by the first transferor in a series of transfers of the same property to which section 130R123 and this section apply; and
(e) if the property is property described in section 130R62, subparagraph a of the first paragraph of section 130R63 is to be read as follows in respect of that property:
“(a) 33 1/3% of the capital cost of the property to the taxpayer;”.
For the purposes of subparagraph ii of subparagraph d of the first paragraph, where the taxpayer is a corporation incorporated after the end of the first or the last transferor’s taxation year, as the case may be, during which the transferor last acquired the property, the following rules apply:
(a) the taxpayer is deemed to have been in existence throughout the period commencing immediately before the end of that year and ending immediately after the time when it was so incorporated; and
(b) the taxpayer’s fiscal periods, throughout the period described in subparagraph a, are deemed to have ended on the day of the year on which its first fiscal period ended.
Subparagraph ii of subparagraph d of the first paragraph does not apply where the property was acquired by the taxpayer before the end of the first or the last transferor’s taxation year, as the case may be, that includes the time when the transferor acquired the property.
