Income Tax Act — I-3.3 209
operty of the other person because of paragraph (c), (d) a particular property acquired by the person under an arrangement solely as consideration for the sale of a Canadian resource property (other than a property that, immediately before the sale was a carved-out property of the person) that relates to the particular property except where it is reasonable to consider that one of the main reasons for the arrangement, or any series of transactions or events that includes the arrangement, was to reduce or postpone tax that would, but for this paragraph, be payable under this Act, (e) a property retained or reserved by the person out of a Canadian resource property (other than a property that, immediately before the transaction by which the retention or reservation is made, was a carved-out property of the person) that was disposed of by the person except where it is reasonable to consider that one of the main reasons for the retention or reservation, or any series of transactions or events in which the property or interest was retained or reserved, was to reduce or postpone tax that would, but for this paragraph, be payable under this Act, (f) a property acquired by the person from a taxpayer with whom the person did not deal at arm’s length at the time of the acquisition and the property was acquired by the taxpayer or a person with whom the taxpayer did not deal at arm’s length (i) pursuant to an agreement in writing to do so entered into before July 20, 1985, or (ii) under the circumstances described in this paragraph or paragraph (d) or (e), except where it is reasonable to consider that one of the main reasons for the acquisition of the property, or any series of transactions or events in which the property was acquired, was to reduce or postpone tax that would, but for this paragraph, be payable under this Act, (f.1) where the taxable income of the person is exempt from tax under Part I, a property of the person that (i) does not relate to property of a person whose taxable income is not exempt from tax under Part I, and (ii) is not, and does not relate to, property that was at any time a carved-out property of any other person, or (g) a prescribed property; ( bien restreint ) head lease means a contract under which (a) Her Majesty in right of Canada or a province grants, or (b) an owner in fee simple, other than Her Majesty in right of Canada or a province, grants for a period of not less than 10 years any right, licence or privilege to explore for, drill for or take petroleum, natural gas or related hydrocarbons in Canada or to prospect, explore, drill or mine for minerals in a mineral resource in Canada; ( bail initial ) term of a head lease includes all renewal periods in respect of the head lease. ( durée ) Tax (2) Every person shall pay a tax under this Part for each taxation year equal to 45% of the total of the person’s carved-out incomes for the year from carved-out properties. Return (3) Every person liable to pay tax under this Part for a taxation year shall file with the Minister, not later than the day on or before which the person is or would be, if the person were liable to pay tax under Part I for the year, required under section 150 to file a return of the person’s income for the year under Part I, a return for the year under this Part in prescribed form containing an estimate of the amount of tax payable by the person under this Part for the year. Payment of tax (4) Where a person is liable to pay tax for a taxation year under this Part, the person shall pay in respect of the year, to the Receiver General (a) on or before the last day of each month in the year, an amount equal to 1/12 of the amount of tax payable by the person under this Part for the year; and (b) the remainder, if any, of the tax payable by the person under this Part for the year, on or before the person’s balance-due day for the year. Provisions applicable to Part (5) Subsections 150(2) and 150(3) and sections 152, 158 and 159, subsect