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I-3 - Taxation Act
Section 726.4.10
Disposition versions
726.4.10. For the purposes of this Title, the exploration base relating to certain Québec exploration expenses of an individual, at any time after 31 December 1987, means an amount equal to the amount by which the aggregate of the following amounts exceeds the amount computed under section 726.4.11:
(a) 33 1/3% of the amount by which
i. the aggregate of the expenses, except those described in section 726.4.12, incurred in Québec by the individual after 30 June 1988 and before that time, and that are
(1) Canadian exploration expenses that would be described in paragraph a, b.1 or c of section 395 if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of that paragraph b.1, were a reference to “Québec”, described in paragraph d of the said section 395 if the reference therein to “expenses described in paragraphs a to b.1 and c to c.2” were replaced by a reference to “expenses that would be described in paragraph a, b.1 or c, if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of paragraph b.1, were a reference to “Québec””, or described in paragraph e of the said section 395 if the reference therein to “an expense described in paragraphs a to c.1” were replaced by a reference to “any expense that would be described in paragraph a, b.1 or c, if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of paragraph b.1, were a reference to “Québec””, other than expenses described in paragraph b.1 of section 395 that are incurred before 10 May 1996 or incurred after 9 May 1996 pursuant to an agreement in writing referred to in section 359.1 that was entered into before 10 May 1996 in respect of the issue of a flow-through share, or incurred, directly or indirectly, out of the proceeds of a public issue of shares or interests in a partnership in respect of which the receipt for the final prospectus or the exemption from filing a prospectus was granted before 10 May 1996, or
(2) Canadian development expenses that would be described in paragraph a or a.1 of section 408 if the reference in those paragraphs to “Canada”, wherever it appears, were a reference to “Québec”, described in paragraph d of the said section 408 if the reference therein to “expense described in paragraphs a to c” were replaced by a reference to “expense that would be described in paragraph a or a.1, if the reference in those paragraphs to “Canada”, wherever it appears, were a reference to “Québec””, which are deemed, under paragraph a of section 359.3, to be Canadian exploration expenses of the individual by reason of a renunciation to the individual under section 359.2.1, exceeds
ii. the aggregate of all amounts of assistance, within the meaning of paragraph c.0.1 of section 359, which a person, including a partnership, has received, is entitled to receive or becomes, at any time, entitled to receive in respect of an expense referred to in subparagraph i, to the extent that the assistance has not reduced the Canadian exploration expenses of the individual by reason of subparagraph a of the first paragraph of section 359.2, or, by reason of paragraph a of section 359.2.1, the Canadian development expenses deemed to be Canadian exploration expenses of the individual and is not an amount received, receivable or that became, at any time, entitled to be received under subsection 5 of section 127 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in respect of a flow-through mining expenditure or a flow-through critical mineral mining expenditure, within the meaning assigned to those expressions by subsection 9 of that section 127; and
(b) his “Québec exploration base”, within the meaning assigned to that expression by regulation, at that time.
726.4.10. For the purposes of this Title, the exploration base relating to certain Québec exploration expenses of an individual, at any time after 31 December 1987, means an amount equal to the amount by which the aggregate of the following amounts exceeds the amount computed under section 726.4.11:
(a) 33 1/3% of the amount by which
i. the aggregate of the expenses, except those described in section 726.4.12, incurred in Québec by the individual after 30 June 1988 and before that time, and that are
(1) Canadian exploration expenses that would be described in paragraph a, b.1 or c of section 395 if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of that paragraph b.1, were a reference to “Québec”, described in paragraph d of the said section 395 if the reference therein to “expenses described in paragraphs a to b.1 and c to c.2” were replaced by a reference to “expenses that would be described in paragraph a, b.1 or c, if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of paragraph b.1, were a reference to “Québec””, or described in paragraph e of the said section 395 if the reference therein to “an expense described in paragraphs a to c.1” were replaced by a reference to “any expense that would be described in paragraph a, b.1 or c, if the reference in those paragraphs to “Canada”, wherever it appears except in subparagraph iv of paragraph b.1, were a reference to “Québec””, other than expenses described in paragraph b.1 of section 395 that are incurred before 10 May 1996 or incurred after 9 May 1996 pursuant to an agreement in writing referred to in section 359.1 that was entered into before 10 May 1996 in respect of the issue of a flow-through share, or incurred, directly or indirectly, out of the proceeds of a public issue of shares or interests in a partnership in respect of which the receipt for the final prospectus or the exemption from filing a prospectus was granted before 10 May 1996, or
(2) Canadian development expenses that would be described in paragraph a or a.1 of section 408 if the reference in those paragraphs to “Canada”, wherever it appears, were a reference to “Québec”, described in paragraph d of the said section 408 if the reference therein to “expense described in paragraphs a to c” were replaced by a reference to “expense that would be described in paragraph a or a.1, if the reference in those paragraphs to “Canada”, wherever it appears, were a reference to “Québec””, which are deemed, under paragraph a of section 359.3, to be Canadian exploration expenses of the individual by reason of a renunciation to the individual under section 359.2.1, exceeds
ii. the aggregate of all amounts of assistance, within the meaning of paragraph c.0.1 of section 359, which a person, including a partnership, has received, is entitled to receive or becomes, at any time, entitled to receive in respect of an expense referred to in subparagraph i, to the extent that the assistance has not reduced the Canadian exploration expenses of the individual by reason of subparagraph a of the first paragraph of section 359.2, or, by reason of paragraph a of section 359.2.1, the Canadian development expenses deemed to be Canadian exploration expenses of the individual and is not an amount received, receivable or that became, at any time, entitled to be received under subsection 5 of section 127 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) in respect of a flow-through mining expenditure, within the meaning of subsection 9 of that section; and
(b) his “Québec exploration base”, within the meaning assigned to that expression by regulation, at that time.
