I-3 - Taxation Act

Section 486.9 Disposition versions

2015-10-26

486.9. The eligible portion of a specified amount means

(a)  the specified amount if

i.  the original amount is a tax imposed under a provincial law in relation to the production of

(1)  petroleum, natural gas or other related hydrocarbons from a natural accumulation of petroleum or natural gas (other than a mineral resource) located in Canada, or from an oil or gas well located in Canada if the petroleum, natural gas or related hydrocarbons are not, before extraction, owned by the State or the Crown in right of Canada or a province, other than Québec, or

(2)  metals, minerals or coal from a mineral resource located in Canada if the metals, minerals or coal are not, before extraction, owned by the State or the Crown in right of Canada or a province, other than Québec,

ii.  the specified amount does not exceed the taxpayer’s share of the original amount, determined under section 486.10, or

iii.  the original amount is a prescribed amount; or

(b)  the taxpayer’s share of the original amount, determined under section 486.10, in any other case.

2015, c. 24, s. 78.