I-0.4 - Mining Tax Act

Section 4.4 Disposition versions

2021-06-02

4.4. In this chapter,

“Canadian currency year” of an operator means a fiscal year that precedes the first functional currency year of the operator;

“elected functional currency” of an operator means the currency of a country other than Canada that is the elected functional currency of the operator, within the meaning of section 21.4.16 of the Taxation Act (chapter I-3), for the purposes of Chapter V.3 of Title II of Book I of Part I of that Act;

“functional currency year” of an operator means a fiscal year in respect of which the rules set out in section 4.7 apply to the operator;

“Québec mining results” of an operator for a fiscal year means

(1)  the amount of the operator’s annual profit or loss, as the case may be, for the fiscal year under this Act;

(1.1)  the operator’s mine-mouth value output for the fiscal year, under this Act, in respect of all the mines it operates in that fiscal year;

(2)  the amount of duties payable by the operator in respect of the fiscal year under this Act;

(3)  the amount of duties refundable to the operator in respect of the fiscal year under this Act; and

(4)  any amount that is relevant in computing the amounts described in paragraphs 1 to 3 in respect of the fiscal year of the operator;

“relevant spot rate” for a particular day means, in respect of a conversion of an amount from a particular currency to another currency,

(1)  if the particular currency or the other currency is Canadian currency, the rate quoted by the Bank of Canada on the particular day (or, if the Bank of Canada ordinarily quotes such a rate, but there is no such rate quoted for the particular day, the closest preceding day for which such a rate is quoted) for the exchange of the particular currency for the other currency, or, for the purposes of paragraph 2 of section 4.5 and paragraph 3 of section 4.7, any other rate of exchange that is acceptable to the Minister; and

(2)  if neither the particular currency nor the other currency is Canadian currency, the rate—calculated by reference to the rates quoted by the Bank of Canada on the particular day (or, if the Bank of Canada ordinarily quotes such rates, but either of such rates is not quoted for the particular day, the closest preceding day for which both such rates are quoted)—for the exchange of the particular currency for the other currency, or, for the purposes of paragraph 2 of section 4.5 and paragraph 3 of section 4.7, any other rate of exchange that is acceptable to the Minister;

“reversionary year” of an operator means a fiscal year that begins after the last functional currency year of the operator;

“reporting currency” of an operator for a fiscal year, and at any time in the fiscal year, means the currency in which the operator’s Québec mining results for the fiscal year are to be computed.

2011, c. 6, s. 18; 2015, c. 21, s. 40; 2021, c. 14, s. 14.

2015-10-21

4.4. In this chapter,

“Canadian currency year” of an operator means a fiscal year that precedes the first functional currency year of the operator;

“elected functional currency” of an operator means the currency of a country other than Canada that is the elected functional currency of the operator, within the meaning of section 21.4.16 of the Taxation Act (chapter I-3), for the purposes of Chapter V.3 of Title II of Book I of Part I of that Act;

“functional currency year” of an operator means a fiscal year in respect of which the rules set out in section 4.7 apply to the operator;

“Québec mining results” of an operator for a fiscal year means

(1)  the amount of the operator’s annual profit or loss, as the case may be, for the fiscal year under this Act;

(1.1)  the operator’s mine-mouth value output for the fiscal year, under this Act, in respect of all the mines it operates in that fiscal year;

(2)  the amount of duties payable by the operator in respect of the fiscal year under this Act;

(3)  the amount of duties refundable to the operator in respect of the fiscal year under this Act; and

(4)  any amount that is relevant in computing the amounts described in paragraphs 1 to 3 in respect of the fiscal year of the operator;

“relevant spot rate” for a particular day means, in respect of a conversion of an amount from a particular currency to another currency,

(1)  if the particular currency or the other currency is Canadian currency, the rate quoted by the Bank of Canada for noon on the particular day (or, if there is no such rate quoted for the particular day, the closest preceding day for which such a rate is quoted) for the exchange of the particular currency for the other currency, or, for the purposes of paragraph 2 of section 4.5 and paragraph 3 of section 4.7, any other rate of exchange that is acceptable to the Minister; and

(2)  if neither the particular currency nor the other currency is Canadian currency, the rate — calculated by reference to the rates quoted by the Bank of Canada for noon on the particular day (or, if either of such rates is not quoted for the particular day, the closest preceding day for which both such rates are quoted) — for the exchange of the particular currency for the other currency, or, for the purposes of paragraph 2 of section 4.5 and paragraph 3 of section 4.7, any other rate of exchange that is acceptable to the Minister;

“reversionary year” of an operator means a fiscal year that begins after the last functional currency year of the operator;

“reporting currency” of an operator for a fiscal year, and at any time in the fiscal year, means the currency in which the operator’s Québec mining results for the fiscal year are to be computed.

2011, c. 6, s. 18; 2015, c. 21, s. 40.

2011-06-06

4.4. In this chapter,

“Canadian currency year” of an operator means a fiscal year that precedes the first functional currency year of the operator;

“elected functional currency” of an operator means the currency of a country other than Canada that is the elected functional currency of the operator, within the meaning of section 21.4.16 of the Taxation Act (chapter I-3), for the purposes of Chapter V.3 of Title II of Book I of Part I of that Act;

“functional currency year” of an operator means a fiscal year in respect of which the rules set out in section 4.7 apply to the operator;

“Québec mining results” of an operator for a fiscal year means

(1)  the amount of the operator’s annual profit or loss, as the case may be, for the fiscal year under this Act;

(2)  the amount of duties payable by the operator in respect of the fiscal year under this Act;

(3)  the amount of duties refundable to the operator in respect of the fiscal year under this Act; and

(4)  any amount that is relevant in computing the amounts described in paragraphs 1 to 3 in respect of the fiscal year of the operator;

“relevant spot rate” for a particular day means, in respect of a conversion of an amount from a particular currency to another currency,

(1)  if the particular currency or the other currency is Canadian currency, the rate quoted by the Bank of Canada for noon on the particular day (or, if there is no such rate quoted for the particular day, the closest preceding day for which such a rate is quoted) for the exchange of the particular currency for the other currency, or, for the purposes of paragraph 2 of section 4.5 and paragraph 3 of section 4.7, any other rate of exchange that is acceptable to the Minister; and

(2)  if neither the particular currency nor the other currency is Canadian currency, the rate — calculated by reference to the rates quoted by the Bank of Canada for noon on the particular day (or, if either of such rates is not quoted for the particular day, the closest preceding day for which both such rates are quoted) — for the exchange of the particular currency for the other currency, or, for the purposes of paragraph 2 of section 4.5 and paragraph 3 of section 4.7, any other rate of exchange that is acceptable to the Minister;

“reversionary year” of an operator means a fiscal year that begins after the last functional currency year of the operator;

“reporting currency” of an operator for a fiscal year, and at any time in the fiscal year, means the currency in which the operator’s Québec mining results for the fiscal year are to be computed.

2011, c. 6, s. 18.