Income Tax Act — I-3.3 127
whose principal business is selling or servicing property of that type, or (iv) the property is a fishing vessel, including the furniture, fittings and equipment attached to it, leased by an individual (other than a trust) to a corporation, controlled by the individual, that carries on a fishing business in connection with one or more commercial fishing licences issued by the Government of Canada to the individual, and, for the purpose of this definition, Canada includes the offshore region prescribed for the purpose of the definition specified percentage ; ( bien admissible ) qualified resource property , of a taxpayer, means property that is a prescribed building or prescribed machinery and equipment, that is acquired by the taxpayer after March 28, 2012, that has not been used, or acquired for use or lease, for any purpose whatever before it was acquired by the taxpayer and that is (a) to be used by the taxpayer in Canada primarily for the purpose of (i) operating an oil or gas well or extracting petroleum or natural gas from a natural accumulation of petroleum or natural gas, (ii) extracting minerals from a mineral resource, (iii) processing (A) ore (other than iron ore or tar sands ore) from a mineral resource to any stage that is not beyond the prime metal stage or its equivalent, (B) iron ore from a mineral resource to any stage that is not beyond the pellet stage or its equivalent, or (C) tar sands ore from a mineral resource to any stage that is not beyond the crude oil stage or its equivalent, (iv) producing industrial minerals, (v) processing heavy crude oil recovered from a natural reservoir in Canada to a stage that is not beyond the crude oil stage or its equivalent, (vi) Canadian field processing, (vii) exploring or drilling for petroleum or natural gas, or (viii) prospecting or exploring for or developing a mineral resource, or (b) to be leased by the taxpayer to a lessee (other than a person exempt from tax under this Part because of section 149) who can reasonably be expected to use the property in Canada primarily for any of the purposes referred to in paragraph (a), but this paragraph does not apply to prescribed machinery and equipment unless (i) the property is leased in the ordinary course of carrying on a business in Canada by a corporation whose principal business is any of, or a combination of, leasing property, lending money, purchasing conditional sales contracts, accounts receivable, bills of sale, chattel mortgages or hypothecary claims on movables, bills of exchange or other obligations representing all or part of the sale price of merchandise or services, (ii) the property is manufactured and leased in the ordinary course of carrying on business in Canada by a corporation whose principal business is manufacturing property that it sells or leases, or (iii) the property is leased in the ordinary course of carrying on business in Canada by a corporation the principal business of which is selling or servicing property of that type, and, for the purpose of this definition, “Canada” includes the offshore region prescribed for the purpose of the definition specified percentage ; ( bien minier admissible ) qualified small-business property [Repealed, 1996, c. 21, s. 30] qualified transportation equipment [Repealed, 1996, c. 21, s. 30] second term shared-use-equipment , of a taxpayer, means property of the taxpayer that was first term shared-use-equipment and that is used by the taxpayer, during its operating time in the period (in this subsection and subsection (11.5) referred to as the “second period”) beginning at the time the property was acquired by the taxpayer and ending at the end of the taxpayer’s first taxation year ending at least 24 months after that time, primarily for the prosecution of scientific research and experimental development in Canada; ( matériel à vocations multiples de deuxième période ) specified child care start-up expenditure [Repealed, 2017, c. 20, s. 23] specified percentag