I-0.4 - Mining Tax Act

Section 10 Disposition versions

2021-06-30

10. Subject to section 9.1.1, the amount that an operator may deduct, under subparagraph b of subparagraph 2 of the fourth paragraph of section 8, in respect of class 1 property, class 2 property or class 3 property as a depreciation allowance in computing the operator’s annual earnings from a mine for a fiscal year must not exceed the portion, reasonably attributable to the operation of the mine, of the least of

(1)  the part of the capital cost of the property of that class, for that fiscal year;

(2)  the undepreciated capital cost of the property of that class, before any deduction under that subparagraph b, at the end of the fiscal year; and

(3)  where the operator is no longer the owner of property of that class at the end of the fiscal year, zero.

1975, c. 30, s. 10; 1994, c. 47, s. 12; 2011, c. 6, s. 30; 2015, c. 21, s. 55; I.N. 2021-06-30.

2015-10-21

10. Subject to section 9.1.1, the amount that an operator may deduct, under subparagraph b of subparagraph 2 of the fourth paragraph of section 8, in respect of class 1 property, class 2 property or class 3 property as a depreciation allowance in computing the operator’s annual earnings from a mine for a fiscal year must not exceed the portion, reasonably attributable to the operation of the mine, of the lesser of

(1)  the part of the capital cost of the property of that class, for that fiscal year;

(2)  the undepreciated capital cost of the property of that class, before any deduction under that subparagraph b, at the end of the fiscal year; and

(3)  where the operator is no longer the owner of property of that class at the end of the fiscal year, zero.

1975, c. 30, s. 10; 1994, c. 47, s. 12; 2011, c. 6, s. 30; 2015, c. 21, s. 55.

2011-06-06

10. Subject to section 14, the amount that an operator may deduct, under subparagraph b of subparagraph 2 of the fourth paragraph of section 8, in respect of class 1 property, class 2 property or class 3 property as a depreciation allowance in computing the operator’s annual earnings from a mine for a fiscal year must not exceed the portion, reasonably attributable to the operation of the mine, of the lesser of

(1)  the part of the capital cost of the property of that class, for that fiscal year;

(2)  the undepreciated capital cost of the property of that class, before any deduction under that subparagraph b, at the end of the fiscal year; and

(3)  where the operator is no longer the owner of property of that class at the end of the fiscal year, zero.

1975, c. 30, s. 10; 1994, c. 47, s. 12; 2011, c. 6, s. 30.

1994-12-21

10. Subject to section 14, the amount that an operator may deduct under subparagraph d of paragraph 2 of section 8 in respect of property of a class as a depreciation allowance in computing his annual profit for a fiscal year shall not exceed the lesser of

(1)  the part of the capital cost of the property of that class, for that fiscal year;

(2)  the undepreciated capital cost of the property of that class, before any deduction under that subparagraph d, at the end of the fiscal year; and

(3)  where the operator is no longer the owner of property of that class at the end of the fiscal year, zero.

1975, c. 30, s. 10; 1994, c. 47, s. 12.

1977-12-31

10. An operator may deduct as depreciation allowance, for each fiscal year, an amount not exceeding 15 per cent of the cost at the end of that year of each property of the first class, or not exceeding 30 per cent of the cost at the end of that year of each property of the second class, until the cost of each property of one class or the other has been wholly allowed.

1975, c. 30, s. 10.