Income Tax Act — I-3.3 127.491
ght in, such property — is a tax shelter investment for the purpose of section 143.2. Recapture — conditions for application (16) Subsection (17) applies in a taxation year of a taxpayer if (a) the taxpayer acquired a particular property that is (i) a clean electricity property, other than qualified natural gas energy equipment, in the year or any of the preceding 10 calendar years, or (ii) a clean electricity property that is qualified natural gas energy equipment, in the year or any of the preceding 20 calendar years; (b) the taxpayer became entitled to a clean electricity investment tax credit in respect of the capital cost, or a portion of the capital cost, of the particular property; and (c) in the year, the particular property (or another property that incorporates the particular property) is converted to an ineligible use, is exported from Canada or is disposed of without having been previously exported or converted to an ineligible use. Recapture (17) If this subsection applies in a taxation year of a taxpayer in respect of a particular property, the taxpayer is liable to pay an amount for the year, on or before its balance-due day for the year, determined by the formula (A − B) × (C ÷ D) where A is the amount of the taxpayer’s clean electricity investment tax credit in respect of the particular property; B is the total of all amounts each of which can reasonably be considered to be the portion of any amount previously paid by the taxpayer because of subsection (18) in respect of the property; C is an amount, not exceeding the amount determined for D, equal to (a) if the particular property is disposed of to a person who deals at arm’s length with the taxpayer, the proceeds of disposition of the property, and (b) in any other case, the fair market value of the property; and D is the capital cost of the particular property on which the clean electricity investment tax credit was deducted. Recovery — qualified natural gas energy systems (18) In the taxation year of a taxpayer in which the compliance period of the taxpayer’s specified natural gas energy system ends, if the average actual emission intensity of the electrical energy produced is greater than 68.5 tonnes of carbon dioxide per gigawatt hour of electrical energy, the taxpayer is liable to pay an amount for the year, on or before its balance-due day for the year, determined by the formula A − B where A is the total amount of clean electricity investment tax credits received in respect of qualified natural gas energy equipment that was part of the system; and B is the total of all amounts each of which can reasonably be considered to be the portion of any amount previously paid by the taxpayer in respect of the equipment described in A because of subsection (17). Compliance — emission intensity (19) If a clean electricity investment tax credit was deducted by a taxpayer in respect of a qualified natural gas energy system, the taxpayer shall file with the Minister and the Minister of Natural Resources, within 180 days after the end of each of the first 20 operating years, a compliance report in prescribed form and manner including the following information: (a) the actual emission intensity of the electrical energy produced by the system during the year; (b) the quantity, in gigawatt hours, of electrical energy produced by the system during the year; (c) any shutdown time of the system in respect of the year; (d) for the compliance report in respect of the fifth operating year, a report that verifies the actual emission intensity of the electrical energy that is produced during each operating year of the compliance period, prepared by a qualified verification firm in respect of the system; and (e) any information required in guidelines published by the Minister of Natural Resources. Minister’s determination (20) For the purpose of subsection (18), the Minister of Natural Resources shall review each of the compliance reports of a qualifying entity described in subs