Income Tax Regulations — 1104
ip’s filing-due date for the taxation year to which the designation relates. ( bien relatif à la passation en charges immédiate désigné ) eligible person or partnership for a taxation year, means (a) a corporation that was a Canadian-controlled private corporation throughout the year; (b) an individual (other than a trust) who was resident in Canada throughout the year; or (c) a Canadian partnership all of the members of which were, throughout the period, persons described in paragraph (a) or (b). ( personne ou société de personnes admissible ) immediate expensing property for a taxation year, means property of a prescribed class (other than property included in any of Classes 1 to 6, 14.1, 17, 47, 49 and 51 in Schedule II) of an eligible person or partnership that (a) is acquired by the eligible person or partnership (i) if the eligible person or partnership is a Canadian-controlled private corporation, after April 18, 2021, or (ii) if the eligible person or partnership is an individual or a Canadian partnership, after December 31, 2021; (b) becomes available for use (i) if the eligible person or partnership is an individual or a Canadian partnership all the members of which are individuals throughout the taxation year, before 2025, and (ii) in any other case, before 2024; and (c) meets either of the following conditions: (i) the property (A) has not been used for any purpose before it was acquired by the eligible person or partnership, and (B) is not a property in respect of which an amount has been deducted under paragraph 20(1)(a) or subsection 20(16) of the Act by any person or partnership for a taxation year ending before the time the property was acquired by the eligible person or partnership, or (ii) the property was not (A) acquired in circumstances where (I) the eligible person or partnership was deemed to have been allowed or deducted an amount under paragraph 20(1)(a) of the Act in respect of the property in computing income for previous taxation years, or (II) the undepreciated capital cost of depreciable property of a prescribed class of the eligible person or partnership was reduced by an amount determined by reference to the amount by which the capital cost of the property to the eligible person or partnership exceeds its cost amount, or (B) previously owned or acquired by the eligible person or partnership or by a person or partnership with which the eligible person or partnership did not deal at arm’s length at any time when the property was owned or acquired by the person or partnership. ( bien relatif à la passation en charges immédiate ) taxpayer unless the context otherwise requires, includes an eligible person or partnership. ( contribuable ) Immediate expensing limit (3.2) For the purposes of this Part and Schedules II to VI, an eligible person or partnership’s immediate expensing limit for a taxation year is $1,500,000 unless the eligible person or partnership is associated (within the meaning of section 256 of the Act, as modified by subsection (3.6)) in the taxation year with one or more other eligible persons or partnerships, in which case, except as otherwise provided in this section, its immediate expensing limit is nil. Associated eligible persons or partnerships (3.3) Despite subsection (3.2), if all the eligible persons or partnerships that are associated with each other (within the meaning of section 256 of the Act, as modified by subsection (3.6)) in a taxation year file with the Minister in prescribed form an agreement that assigns for the purpose of this Part and Schedules II to VI a percentage to one or more of them for the year, the immediate expensing limit for the year of each of the eligible persons or partnerships is (a) if the total of the percentages assigned in the agreement does not exceed 100%, $1,500,000 multiplied by the percentage assigned to that eligible person or partnership in the agreement; and (b) in any other case, nil. Failure to file agreement (3.4) If any of the elig