Ship Construction Subsidy Regulations — 6
6 (1) The subsidy for an eligible ship that is not a fishing vessel shall be an amount not exceeding (a) 25 per cent of the approved cost where the eligible ship is completed during the period commencing January 1, 1966 and ending May 31, 1969; (b) 24½ per cent of the approved cost where the eligible ship is completed during the period commencing June 1, 1969 and ending August 31, 1969; (c) 24 per cent of the approved cost where the eligible ship is completed during the period commencing September 1, 1969 and ending November 30, 1969; (d) 23½ per cent of the approved cost where the eligible ship is completed during the period commencing December 1, 1969 and ending February 28, 1970; (e) 23 per cent of the approved cost where the eligible ship is completed during the period commencing March 1, 1970 and ending May 31, 1970; (f) 22½ per cent of the approved cost where the eligible ship is completed during the period commencing June 1, 1970 and ending August 31, 1970; (g) 22 per cent of the approved cost where the eligible ship is completed during the period commencing September 1, 1970 and ending November 30, 1970; (h) 21½ per cent of the approved cost where the eligible ship is completed during the period commencing December 1, 1970 and ending February 28, 1971; (i) 21 per cent of the approved cost where the eligible ship is completed during the period commencing March 1, 1971 and ending May 31, 1971; (j) 20½ per cent of the approved cost where the eligible ship is completed during the period commencing June 1, 1971 and ending August 31, 1971; (k) 20 per cent of the approved cost where the eligible ship is completed during the period commencing September 1, 1971 and ending November 30, 1971; (l) 19½ per cent of the approved cost where the eligible ship is completed during the period commencing December 1, 1971 and ending February 29, 1972; (m) 19 per cent of the approved cost where the eligible ship is completed during the period commencing March 1, 1972 and ending May 31, 1972; (n) 18½ per cent of the approved cost where the eligible ship is completed during the period commencing June 1, 1972 and ending August 31, 1972; (o) 18 per cent of the approved cost where the eligible ship is completed during the period commencing September 1, 1972 and ending November 30, 1972; (p) 17½ per cent of the approved cost where the eligible ship is completed during the period commencing December 1, 1972 and ending February 28, 1973; and (q) 17 per cent of the approved cost where the eligible ship is completed after February 28, 1973. (2) The subsidy for an eligible ship that is a fishing vessel shall be an amount not exceeding 35 per cent of the approved cost. (3) Where, owing to causes beyond the control of the shipowner and shipbuilder, an eligible ship is completed later than the date on which it might reasonably be expected to have been completed, the Minister may, in his discretion, declare the ship to have been completed on a day earlier than the day on which it was completed and the amount of the subsidy therefor shall be determined in accordance with that declaration. (4) Subject to subsections (5) and (6), where (a) an amount equal to the whole or any part of the proceeds of disposition of any vessel described in subsection 13(15) of the Income Tax Act is used by a person for replacement in accordance with subparagraph (a)(i) of that subsection, the approved cost of the replacement shall, if the replacement is an eligible ship in respect of which a subsidy is to be paid under these Regulations, be reduced by an amount equal to the amount used for replacement; or (b) a vessel is acquired as a replacement under such circumstances that the Minister may pay out all or any part of a deposit under subsection 13(19) of the Income Tax Act , the approved cost of such replacement shall, if the replacement is an eligible ship in respect of which a subsidy is to be paid under these Regulations, be reduced by the amount that bears the same relation