Income Tax Act — I-3.3 127.491
( entité admissible ) qualifying trust means, at all relevant times, a trust (a) each beneficiary of which is a corporation described in paragraph 149(1)(o.2); (b) that is a limited partner of a partnership; and (c) the sole undertaking of which is the holding of its interest in the partnership together with any ancillary activities. ( fiducie admissible ) refurbishment means significant alterations, renovations, improvements or additions to a property to substantially (a) extend its useful life; (b) increase its capacity; or (c) improve its efficiency. ( remise en état ) specified natural gas energy system means a system that is, or was at any time, a qualified natural gas energy system. ( système énergétique alimenté au gaz naturel déterminé ) specified percentage means, in respect of a clean electricity property of a qualifying entity that is acquired (a) before April 16, 2024, determined without reference to subsection (7), nil; (b) subject to paragraph (a), on or after April 16, 2024 and before January 1, 2035, 15%; and (c) after December 31, 2034, nil. ( pourcentage déterminé ) start-up date of a specified natural gas energy system means the first day on which the system generates electrical energy for sale. ( jour du début du projet ) system plan means a plan for a qualified natural gas energy system of a qualifying entity that (a) has been prepared by a qualified validation firm; (b) includes a front-end engineering design study (or an equivalent study as determined by the Minister of Natural Resources) for the system; (c) sets out (i) an expected emission intensity of the electrical energy to be produced by the system that is below 65 tonnes carbon dioxide per gigawatt hour, (ii) an expected ratio of net electrical energy to net heat energy exported that is above 1, and (iii) an expected ratio of electrical energy used to power equipment that captures and prepares or compresses carbon dioxide to gross electrical energy produced that is below 0.5; (d) contains any information required in guidelines published by the Minister of Natural Resources; and (e) is filed by the entity with the Minister of Natural Resources, in the form and manner determined by the Minister of Natural Resources. ( plan du système ) Clean electricity investment tax credit (2) If a qualifying entity files a prescribed form containing prescribed information with the Minister on or before its filing-due date for its taxation year, (a) in the case of an entity that is a taxable Canadian corporation or a qualifying trust, the entity is deemed to have paid on its balance-due day for the year an amount on account of the entity’s tax payable under this Part for the year equal to the entity’s clean electricity investment tax credit for the year; and (b) subject to subsection (3), in the case of an entity that is described in any of paragraphs (b) to (i) of the definition qualifying corporation in subsection (1), the Minister shall, with all due dispatch, pay to the entity an amount equal to its clean electricity investment tax credit for the year. Section 149 entities (3) Subsection (2) does not apply to an entity that is described in any of paragraphs (b) to (i) of the definition qualifying corporation in subsection (1) unless the entity agrees in writing with the Minister to be subject to the provisions of this Act in respect of the entity’s clean electricity investment tax credit, with any modifications to those provisions that the circumstances require. Interpretive rule — nuclear energy property (4) For the purpose of this section, where a qualifying entity has a leasehold interest in a nuclear energy property (a) subject to subsection (7), the entity is deemed to acquire the property when it acquires the leasehold interest in the property; (b) the capital cost of the leasehold interest in the property to the entity is deemed to be its capital cost of the property; and (c) the property is deemed to be disposed of by the entity when it ceases to hold