Income Tax Act — I-3.3 127.49
perty was used by the taxpayer in commercial production. ( méthode de détermination du prix au titre de la règle d’exonération ) specified fair market value method , in respect of a CTM property, means the determination, on an annual basis, of the value of all the commercial outputs from the property based on (a) the fair market value, determined at the end of the relevant taxation year, of the expected commercial outputs from the property if the year for which the determination is made is prior to a year in which the property was used by the taxpayer in commercial production; and (b) the fair market value, determined at the end of the relevant taxation year, of the actual commercial outputs from the property in a year in which the property was used by the taxpayer in commercial production. ( méthode de détermination de la juste valeur marchande déterminée ) specified mineral processing activity means a mineral processing activity (including crushing, grinding, milling, separation, sieving, screening, froth floatation, leaching, recrystallization, precipitation, drying, evaporation, heating, calcinating, roasting, smelting, casting of ingots, refining, purification, distillation, electrodeposition and surface roughening of electrodeposited foil) that occurs prior to or as part of a process intended to (a) increase the purity of at least one qualifying material; or (b) produce a material with non-trace amounts of a single qualifying material, and without non-trace amounts of any elements other than permitted elements. ( activité de traitement des minéraux déterminée ) specified percentage means in respect of a CTM property of the taxpayer that is acquired (a) before January 1, 2024, determined without reference to subsection (4), nil; (b) subject to paragraph (a) (i) after December 31, 2023 and before January 1, 2032, 30%, (ii) after December 31, 2031 and before January 1, 2033, 20%, (iii) after December 31, 2032 and before January 1, 2034, 10%, and (iv) after December 31, 2033 and before January 1, 2035, 5%; and (c) after December 31, 2034, nil. ( pourcentage déterminé ) (d) [Repealed, 2026, c. 3, s. 56] (e) [Repealed, 2026, c. 3, s. 56] (f) [Repealed, 2026, c. 3, s. 56] CTM investment tax credit (2) If a qualifying taxpayer files with its return of income for a taxation year a prescribed form containing prescribed information, the taxpayer is deemed to have paid on its balance-due day for the year an amount on account of the taxpayer’s tax payable under this Part for the year equal to the taxpayer’s CTM investment tax credit for the year. Certification requirement (2.1) Notwithstanding subsection (2), a CTM investment tax credit in respect of property used, or to be used, by the taxpayer or by a partnership of which the taxpayer is a member, in any activity described in paragraph (a) or (b) of the definition qualifying mineral activity in subsection (1), is deemed to be nil unless a taxpayer files with the Minister, together with the form and information described in subsection (2), a certification by an independent engineer or geoscientist in respect of the taxpayer in the prescribed form attesting that the property is being used, or is to be used, (a) at a particular mine site or well site of the taxpayer or of a partnership of which the taxpayer is a member, as the case may be; and (b) in accordance with a plan that primarily targets qualifying materials, determined based on the value of all commercial outputs expected to be produced in accordance with subsection (2.2). Valuation of qualifying mineral activity outputs (2.2) In the prescribed form referred to in subsection (2) that is filed by a taxpayer for a taxation year, the taxpayer must elect, in respect of each CTM property of the taxpayer for which the taxpayer claims a CTM investment tax credit for that year, that the determination of the value of all commercial outputs from that property is to be based on either (a) the specified fair market value method, or (b) t