Income Tax Act — I-3.3 66
ration expenses, Canadian development expenses or Canadian oil and gas property expenses incurred by the person before the person disposed of the property; ( propriétaire obligé ) outlay , made before a particular time by a taxpayer, has the meaning assigned to the expression expense by this subsection; ( dépenses ) predecessor owner of a Canadian resource property or a foreign resource property means a corporation (a) that acquired the property in circumstances in which subsection 29(25) of the Income Tax Application Rules or subsection 66.7(1), (2), (2.3), (3), (4) or (5) applies, or would apply if the corporation had continued to own the property, to the corporation in respect of the property, (b) that disposed of the property to another corporation that acquired it in circumstances in which subsection 29(25) of the Income Tax Application Rules or subsection 66.7(1), (2), (2.3), (3), (4) or (5) applies, or would apply if the other corporation had continued to own the property, to the other corporation in respect of the property, and (c) that would, but for subsection 66.7(14), (15), (15.1) or (17), as the case may be, be entitled in computing its income for a taxation year ending after it disposed of the property to a deduction under subsection 29(25) of the Income Tax Application Rules or subsection 66.7(1), (2), (2.3), (3), (4) or (5) in respect of expenses incurred by an original owner of the property; ( propriétaire antérieur ) principal-business corporation means a corporation the principal business of which is any of, or a combination of, (a) the production, refining or marketing of petroleum, petroleum products or natural gas, (a.1) exploring or drilling for petroleum or natural gas, (b) mining or exploring for minerals, (c) the processing of mineral ores for the purpose of recovering metals or minerals from the ores, (d) the processing or marketing of metals or minerals that were recovered from mineral ores and that include metals or minerals recovered from mineral ores processed by the corporation, (e) the fabrication of metals, (f) the operation of a pipeline for the transmission of oil or gas, (f.1) the production or marketing of calcium chloride, gypsum, kaolin, lithium, sodium chloride or potash, (g) the manufacturing of products, where the manufacturing involves the processing of calcium chloride, gypsum, kaolin, lithium, sodium chloride or potash, (h) the generation or distribution of energy, or the production of fuel, using property described in Class 43.1 or 43.2 of Schedule II to the Income Tax Regulations , and (i) the development of projects for which it is reasonable to expect that at least 50% of the capital cost of the depreciable property to be used in each project would be the capital cost of property described in Class 43.1 or 43.2 of Schedule II to the Income Tax Regulations , or a corporation all or substantially all of the assets of which are shares of the capital stock or indebtedness of one or more principal-business corporations that are related to the corporation (otherwise than because of a right referred to in paragraph 251(5)(b)), ( société exploitant une entreprise principale ) production from a Canadian resource property or a foreign resource property means (a) petroleum, natural gas and related hydrocarbons produced from the property, (b) heavy crude oil produced from the property processed to any stage that is not beyond the crude oil stage or its equivalent, (c) ore (other than iron ore or tar sands) produced from the property processed to any stage that is not beyond the prime metal stage or its equivalent, (d) iron ore produced from the property processed to any stage that is not beyond the pellet stage or its equivalent, (e) tar sands produced from the property processed to any stage that is not beyond the crude oil stage or its equivalent, and (f) any rental or royalty from the property computed by reference to the amount or value of the production of petroleum, natural gas or re