I-3 - Taxation Act

Section 418.17.2 Disposition versions

2006-03-01

418.17.2. For the purposes of section 418.17.1, where a taxpayer has incurred specified foreign exploration and development expenses in relation to two or more countries, an allocation to each of those countries for a taxation year shall be determined in a manner that is

(a)  reasonable having regard to all the circumstances, including the level and timing of

i.  the taxpayer’s specified foreign exploration and development expenses in relation to that country, and

ii.  the profits or gains to which those expenses relate; and

(b)  not inconsistent with the allocation made under section 418.17.1 for the preceding taxation year.

2004, c. 8, s. 84.