Income Tax Regulations — 1104
idual (other than a trust) who carries on a business or has acquired immediate expensing property (i) the individual, in respect of that business or property, is deemed to be a corporation that is controlled by the individual, and (ii) the corporation’s taxation year is deemed to be the same as the individual’s taxation year. (4) For the purposes of this Part and Schedules II to VI, accelerated investment incentive property means property of a taxpayer (other than property included in any of Classes 54 to 56) that (a) is acquired by the taxpayer after November 20, 2018 and before 2025 and becomes available for use before 2028; and (b) meets either of the following conditions: (i) the property is not a property in respect of which an amount has been deducted under paragraph 20(1)(a) or subsection 20(16) of the Act by any person or partnership for a taxation year ending before the time the property was acquired by the taxpayer, or (ii) the property was not (A) acquired in circumstances where (I) the taxpayer was deemed to have been allowed or deducted an amount under paragraph 20(1)(a) of the Act in respect of the property in computing income for previous taxation years, or (II) the undepreciated capital cost of depreciable property of a prescribed class of the taxpayer was reduced by an amount determined by reference to the amount by which the capital cost of the property to the taxpayer exceeds its cost amount, or (B) previously owned or acquired by the taxpayer or by a person or partnership with which the taxpayer did not deal at arm’s length at any time when the property was owned or acquired by the person or partnership. Definition of reaccelerated investment incentive property (4.01) For the purposes of this Part and Schedules II to VI, reaccelerated investment incentive property means property of a taxpayer (other than property included in any of Classes 54 to 56) that (a) is acquired by the taxpayer after 2024 and becomes available for use before 2034; and (b) meets either of the following conditions: (i) the property is not a property in respect of which an amount has been deducted under paragraph 20(1)(a) or subsection 20(16) of the Act by any person or partnership for a taxation year ending before the time the property was acquired by the taxpayer, or (ii) the property was not (A) acquired in circumstances where (I) the taxpayer was deemed to have been allowed or deducted an amount under paragraph 20(1)(a) of the Act in respect of the property in computing income for previous taxation years, or (II) the undepreciated capital cost of depreciable property of a prescribed class of the taxpayer was reduced by an amount determined by reference to the amount by which the capital cost of the property to the taxpayer exceeds its cost amount, or (B) previously owned or acquired by the taxpayer or by a person or partnership with which the taxpayer did not deal at arm’s length at any time when the property was owned or acquired by the person or partnership. Deemed separate properties (4.1) For the purpose of subparagraph (4)(b)(i), if the capital cost to a taxpayer of a depreciable property (referred to in this subsection as the “single property”) includes amounts incurred at different times, then amounts deducted under paragraph 20(1)(a) or subsection 20(16) of the Act in respect of the single property are deemed to have been deducted in respect of a separate property that is not part of the single property to the extent the deducted amounts can reasonably be considered to be in respect of amounts (a) incurred before November 21, 2018; or (b) incurred after November 20, 2018, if any portion of the single property is considered to have become available for use before the time the single property is first used for the purpose of earning income. Deemed separate properties (4.11) For the purpose of subparagraph (4.01)(b)(i), if the capital cost to a taxpayer of a depreciable property (referred to in this subsection as the “single p