Income Tax Act — I-3.3 143.2
Definitions 143.2 (1) The definitions in this subsection apply in this section. expenditure means an outlay or expense or the cost or capital cost of a property. ( dépense ) limited partner has the meaning that would be assigned by subsection 96(2.4) if that subsection were read without reference to “if the member’s partnership interest is not an exempt interest (within the meaning assigned by subsection 96(2.5)) at that time and”. ( commanditaire ) limited-recourse amount means the unpaid principal amount of any indebtedness for which recourse is limited, either immediately or in the future and either absolutely or contingently. ( montant à recours limité ) taxpayer includes a partnership. ( contribuable ) tax shelter investment means (a) a property that is a tax shelter for the purpose of subsection 237.1(1); or (b) a taxpayer’s interest in a partnership where (i) an interest in the taxpayer (A) is a tax shelter investment, and (B) the taxpayer’s partnership interest would be a tax shelter investment if (I) this Act were read without reference to this paragraph and to the words “having regard to statements or representations made or proposed to be made in connection with the property” in the definition tax shelter in subsection 237.1(1), (II) the references in that definition to represented were read as references to “that can reasonably be expected”, and (III) the reference in that definition to is represented were read as a reference to “can reasonably be expected”, (ii) another interest in the partnership is a tax shelter investment, or (iii) the taxpayer’s interest in the partnership entitles the taxpayer, directly or indirectly, to a share of the income or loss of a particular partnership where (A) another taxpayer holding a partnership interest is entitled, directly or indirectly, to a share of the income or loss of the particular partnership, and (B) that other taxpayer’s partnership interest is a tax shelter investment. ( abri fiscal déterminé ) At-risk adjustment (2) For the purpose of this section, an at-risk adjustment in respect of an expenditure of a particular taxpayer, other than the cost of a partnership interest to which subsection 96(2.2) applies, means any amount or benefit that the particular taxpayer, or another taxpayer not dealing at arm’s length with the particular taxpayer, is entitled, either immediately or in the future and either absolutely or contingently, to receive or to obtain, whether by way of reimbursement, compensation, revenue guarantee, proceeds of disposition, loan or any other form of indebtedness, or in any other form or manner whatever, granted or to be granted for the purpose of reducing the impact, in whole or in part, of any loss that the particular taxpayer may sustain in respect of the expenditure or, where the expenditure is the cost or capital cost of a property, any loss from the holding or disposition of the property. Amount or benefit not included (3) For the purpose of subsection 143.2(2), an at-risk adjustment in respect of a taxpayer’s expenditure does not include an amount or benefit (a) to the extent that it is included in determining the value of J in the definition cumulative Canadian exploration expense in subsection 66.1(6), of M in the definition cumulative Canadian development expense in subsection 66.2(5) or of I in the definition cumulative Canadian oil and gas property expense in subsection 66.4(5) in respect of the taxpayer; or (b) the entitlement to which arises (i) because of a contract of insurance with an insurance corporation dealing at arm’s length with the taxpayer (and, where the expenditure is the cost of an interest in a partnership, with each member of the partnership) under which the taxpayer is insured against any claim arising as a result of a liability incurred in the ordinary course of carrying on the business of the taxpayer or the partnership, (ii) as a consequence of the death of the taxpayer, (iii) in respect of an amount not included in t