I-3 - Taxation Act

Section 726.4.12 Disposition versions

2023-09-26

726.4.12. Expenses referred to in subparagraph i of paragraph a of section 726.4.10 do not include

(a)  any amount included in the Canadian exploration and development overhead expenses of the individual, within the meaning of the regulations;

(b)  any amount relating to Canadian exploration expenses or Canadian development expenses that is renounced by a corporation that is not a qualified corporation, effective after 30 June 1988, pursuant to section 359.2 or 359.2.1, as the case may be, in respect of a share;

(c)  any amount relating to financing, including expenses incurred before the beginning of the carrying on of a business;

(d)  expenses that are Canadian exploration expenses of the individual under paragraph d or e of section 395, to the extent that they refer

i.  to expenses incurred after 30 June 1988 and before the time referred to in section 726.4.10, by a partnership that is not a qualified partnership or by a qualified partnership in accordance with an agreement described in that paragraph e entered into with a corporation that is not a qualified corporation, or

ii.  to expenses incurred in the period described in subparagraph i by the individual in accordance with an agreement described in that paragraph e with a corporation that is not a qualified corporation;

(d.1)  expenses (other than Canadian exploration expenses renounced by a corporation, under section 359.2, in respect of a share) that are incurred after 31 March 2023 and that would be Canadian exploration expenses if the definition of “mineral resource” in section 1 were read as follows:

““mineral resource” means a coal deposit, a bituminous sands deposit or an oil shale deposit;”; or

(e)  any prescribed expense.

1989, c. 5, s. 86; 1990, c. 7, s. 23; 1991, c. 8, s. 20; 1992, c. 1, s. 38; 1993, c. 64, s. 56; 1995, c. 1, s. 55; 1995, c. 49, s. 161; 1997, c. 3, s. 71; 1997, c. 14, s. 290; 1997, c. 85, s. 330; 2002, c. 40, s. 50; 2004, c. 21, s. 110; 2005, c. 23, s. 67; 2023, c. 19, s. 41.

2006-03-01

726.4.12. Expenses referred to in subparagraph i of paragraph a of section 726.4.10 do not include

(a)  any amount included in the Canadian exploration and development overhead expenses of the individual, within the meaning of the regulations;

(b)  any amount relating to Canadian exploration expenses or Canadian development expenses that is renounced by a corporation that is not a qualified corporation, effective after 30 June 1988, pursuant to section 359.2 or 359.2.1, as the case may be, in respect of a share;

(c)  any amount relating to financing, including expenses incurred before the beginning of the carrying on of a business;

(d)  expenses that are Canadian exploration expenses of the individual under paragraph d or e of section 395, to the extent that they refer

i.  to expenses incurred after 30 June 1988 and before the time referred to in section 726.4.10, by a partnership that is not a qualified partnership or by a qualified partnership in accordance with an agreement described in that paragraph e entered into with a corporation that is not a qualified corporation, or

ii.  to expenses incurred in the period described in subparagraph i by the individual in accordance with an agreement described in that paragraph e with a corporation that is not a qualified corporation; or

(e)  any prescribed expense.

1989, c. 5, s. 86; 1990, c. 7, s. 23; 1991, c. 8, s. 20; 1992, c. 1, s. 38; 1993, c. 64, s. 56; 1995, c. 1, s. 55; 1995, c. 49, s. 161; 1997, c. 3, s. 71; 1997, c. 14, s. 290; 1997, c. 85, s. 330; 2002, c. 40, s. 50; 2004, c. 21, s. 110; 2005, c. 23, s. 67.