Income Tax Act — I-3.3 66.4
unts determined for E to J in the definition cumulative Canadian oil and gas property expense in subsection (5) at the end of the taxation year, E is the total of the amounts determined for E to J in the definition cumulative Canadian oil and gas property expense in subsection (5) at the beginning of the taxation year, F is the total of the amounts determined for A to D.1 in the definition cumulative Canadian oil and gas property expense in subsection (5) at the end of the taxation year, G is the total of the amounts determined for A to D.1 in the definition cumulative Canadian oil and gas property expense in subsection (5) at the end of the preceding taxation year, and H is the amount determined for B, and (d) the amount determined by the formula A(B − C) where A is (i) for taxation years that end before 2030, 5%, (ii) for taxation years that begin before 2030 and end after 2029, the amount determined by the formula 0.05(I/J) + 0.025(K/J) where I is the total of all reaccelerated Canadian oil and gas property expenses incurred by the taxpayer before 2030 and in the taxation year, J is the total of all reaccelerated Canadian oil and gas property expenses incurred by the taxpayer in the taxation year, and K is the total of all reaccelerated Canadian oil and gas property expenses incurred by the taxpayer after 2029 and in the taxation year, and (iii) for taxation years that begin after 2029, 2.5%, B is the total of all reaccelerated Canadian oil and gas property expenses incurred by the taxpayer in the taxation year, and C is the amount determined by the formula (D − E) − (F − G − H) where D is the total of the amounts determined for E to J in the definition cumulative Canadian oil and gas property expense in subsection (5) at the end of the taxation year, E is the total of the amounts determined for E to J in the definition cumulative Canadian oil and gas property expense in subsection (5) at the beginning of the taxation year, F is the total of the amounts determined for A to D.1 in the definition cumulative Canadian oil and gas property expense in subsection (5) at the end of the taxation year, G is the total of the amounts determined for A to D.1 in the definition cumulative Canadian oil and gas property expense in subsection (5) at the end of the preceding taxation year, and H is the amount determined for B. Definitions (5) In this section, accelerated Canadian oil and gas property expense , of a taxpayer, means any cost or expense incurred by the taxpayer during a taxation year, if the cost or expense (a) qualifies as a Canadian oil and gas property expense at the time it is incurred, other than (i) an expense in respect of which the taxpayer is a successor, within the meaning of subsection 66.7(5), and (ii) a cost in respect of a Canadian resource property acquired by the taxpayer, or a partnership in which the taxpayer is a member, from a person or partnership with which the taxpayer does not deal at arm’s length, and (b) is incurred after November 20, 2018 and before 2025; ( frais à l’égard de biens canadiens relatifs au pétrole et au gaz accélérés ) Canadian oil and gas property expense of a taxpayer means any cost or expense incurred after December 11, 1979 that is (a) the cost to the taxpayer of, including any payment for the preservation of a taxpayer’s rights in respect of, any property described in paragraph (a), (c) or (d) of the definition Canadian resource property in subsection 66(15) or any right to or interest in — or, for civil law, any right in or to — the property (other than a right or an interest that the taxpayer has by reason of being a beneficiary under a trust or a member of a partnership), or an amount paid to Her Majesty in right of the Province of Saskatchewan as a net royalty payment pursuant to a net royalty petroleum and natural gas lease that was in effect on March 31, 1977 to the extent that it can reasonably be regarded as a cost of acquiring the lease, (b) subject to section 66.8, the taxp