I-3 - Taxation Act

Section 398 Disposition versions

2015-10-26

398. In this chapter, cumulative Canadian exploration expenses of a taxpayer, at any time, means the amount by which the aggregate described in section 399 is exceeded by the aggregate of:

(a)  the Canadian exploration expenses incurred by the taxpayer before that time;

(b)  all amounts included in computing the taxpayer’s income under paragraph d of section 330 for a taxation year ending before that time;

(b.1)  all amounts determined under paragraph a of section 418.31.1 in respect of the taxpayer for a taxation year ending before that time;

(c)  all amounts, except interest, paid by him after 6 May 1974 in the case of an oil business, or after 31 March 1975 in the case of a mining business, and before that time as a reimbursement of a subsidy, grant or assistance received before 25 May 1976 under a prescribed Act in respect of Canadian exploration and development expenses or Canadian exploration expenses;

(d)  all amounts described in paragraph b of section 399 that, according to the evidence submitted by him, have become a bad debt before such time; and

(e)  such part of an amount described in paragraph e of section 399 as has been repaid by him before that time pursuant to a legal obligation to repay all or any part of that amount.

1975, c. 22, s. 90; 1977, c. 26, s. 38; 1978, c. 26, s. 67; 1982, c. 5, s. 91; 1991, c. 25, s. 73; 1993, c. 16, s. 156; 1995, c. 49, s. 236; 2004, c. 8, s. 74; 2015, c. 24, s. 67.

2006-03-01

398. In this chapter, cumulative Canadian exploration expenses of a taxpayer, at any time, means the amount by which the aggregate described in section 399 is exceeded by the aggregate of:

(a)  the Canadian exploration expenses incurred by the taxpayer before that time;

(b)  all amounts required by paragraph d of section 330 to be included in computing his income for a taxation year ending before such time;

(b.1)  all amounts determined under paragraph a of section 418.31.1 in respect of the taxpayer for a taxation year ending before that time;

(c)  all amounts, except interest, paid by him after 6 May 1974 in the case of an oil business, or after 31 March 1975 in the case of a mining business, and before that time as a reimbursement of a subsidy, grant or assistance received before 25 May 1976 under a prescribed Act in respect of Canadian exploration and development expenses or Canadian exploration expenses;

(d)  all amounts described in paragraph b of section 399 that, according to the evidence submitted by him, have become a bad debt before such time; and

(e)  such part of an amount described in paragraph e of section 399 as has been repaid by him before that time pursuant to a legal obligation to repay all or any part of that amount.

1975, c. 22, s. 90; 1977, c. 26, s. 38; 1978, c. 26, s. 67; 1982, c. 5, s. 91; 1991, c. 25, s. 73; 1993, c. 16, s. 156; 1995, c. 49, s. 236; 2004, c. 8, s. 74.