I-3 - Taxation Act

Section 726.4.17.7 Disposition versions

2015-10-21

726.4.17.7. In this Title, a qualified corporation is a corporation all of the activities of which consist mainly in exploring for minerals, petroleum or gas or developing a mineral resource or an oil or gas well and which, at the time the expenses referred to in paragraph e of section 395 or at the time the expenses in respect of which an amount is renounced under section 359.2, as the case may be, are incurred, and throughout the twelve-month period preceding that time, fulfils the following conditions:

(a)  the corporation does not operate any mineral resource or oil or gas well;

(b)  the corporation is not a member of an associated group, within the meaning of section 726.4.17.18.1, a member of which operates a mineral resource or an oil or gas well.

1990, c. 7, s. 26; 1997, c. 3, s. 71; 1997, c. 31, s. 143; 2015, c. 21, s. 249.

2006-03-01

726.4.17.7. For the purposes of this Title, a qualified corporation is a corporation all of the activities of which consist mainly in exploring for minerals, petroleum or gas or developing a mineral resource or an oil or gas well and which, at the time the expenses referred to in paragraph e of section 395 or at the time the expenses in respect of which an amount is renounced under section 359.2, as the case may be, are incurred, and throughout the twelve-month period preceding that time, fulfils the following conditions:

(a)  the corporation does not operate any mineral resource or oil or gas well;

(b)  the corporation neither controls another corporation that operates a mineral resource or an oil or gas well nor is so controlled by such a corporation.

1990, c. 7, s. 26; 1997, c. 3, s. 71; 1997, c. 31, s. 143.