Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 239
Definitions 239 In this Part, Canadian development expense has the meaning assigned by paragraph 66.2(5)(a) of the Income Tax Act , except that (a) there shall be excluded from that meaning any Canadian exploration and development overhead expense, and (b) all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to his Canadian development expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; ( frais d’aménagement au Canada ) Canadian exploration and development overhead expense has the meaning assigned by subsection 1206(1) of the Income Tax Regulations ; ( frais généraux d’exploration et d’aménagement au Canada ) Canadian exploration expense has the meaning assigned by paragraph 66.1(6)(a) of the Income Tax Act , except that (a) there shall be excluded from that meaning any Canadian exploration and development overhead expense and any expense referred to in subparagraph (i) thereof, (b) any reference in that paragraph to any expense incurred in drilling or completing an oil or gas well in Canada shall be read as including, with such modifications as the circumstances require, a reference to (i) any expense incurred in respect of an exploratory probe in the offshore area, and (ii) any expense incurred in respect of a well in relation to a three dimensional seismic survey, an engineering study or an analytical study for the purpose of determining the location or extent of an accumulation of petroleum in the offshore area, and (c) all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to a Canadian exploration expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; ( frais d’exploration au Canada ) investment tax credit has the meaning assigned by subsection 127(9) of the Income Tax Act ; ( crédit d’impôt à l’investissement ) Nova Scotia Resources (Ventures) Limited means the company incorporated on November 20, 1981 under the Companies Act , Chapter 42 of the Revised Statutes of Nova Scotia, 1967; ( Société ) qualified Canadian exploration expenditure has the meaning assigned by subsection 127(9) of the Income Tax Act . ( dépense admissible d’exploration au Canada )