I-3 - Taxation Act

Section 386 Disposition versions

2013-06-05

386. Except as expressly otherwise provided in this Part, in computing a taxpayer’s cumulative Canadian exploration expenses, there shall be deducted under paragraph b of section 399 the amount which, at a particular time in a taxation year, becomes receivable by the taxpayer as a result of a transaction made after 6 May 1974 in the case of an oil business, after 31 March 1975 in the case of a mining business or after 5 December 1996 in all other cases, in consideration of services rendered or property ceded by the taxpayer, if the original cost of those services or that property may reasonably be regarded as having been, for the taxpayer, primarily Canadian exploration expenses or Canadian exploration and development expenses, or as if it would have been such expenses if they had been incurred by the taxpayer after 1971 and before 7 May 1974 or before 1 April 1975, as the case may be.

1975, c. 22, s. 88; 2013, c. 10, s. 30.

2006-03-01

386. Except as expressly otherwise provided in this Part, a taxpayer, in computing his cumulative Canadian exploration expenses, shall deduct under paragraph b of section 399 the amount which, at a particular time in a taxation year, becomes receivable by him as a result of a transaction made after 6 May 1974 in the case of an oil business or after 31 March 1975 in the case of a mining business, in consideration of services rendered or property ceded by him, if the original cost of those services or that property may reasonably be regarded as having been, for him, primarily Canadian exploration expenses or Canadian exploration and development expenses, or as if it would have been such expenses if they had been incurred by the taxpayer after 1971 and before 7 May 1974 or before 1 April 1975, as the case may be.

1975, c. 22, s. 88.