Income Tax Act — I-3.3 96
d exceeds the total of (ii) the amount required by subsection 127(8), 127.44(11), 127.45(8), 127.48(12), 127.49(8) or 127.491(12) in respect of the partnership to be added in computing the investment tax credit, the CCUS tax credit (as defined in subsection 127.44(1)), the clean technology investment tax credit (as defined in subsection 127.45(1)), the clean hydrogen tax credit (as defined in subsection 127.48(1)), the CTM investment tax credit (as defined in subsection 127.49(1)) or the clean electricity investment tax credit (as defined in subsection 127.491(1)) of the taxpayer for the taxation year, (iii) the taxpayer’s share of any losses of the partnership for the fiscal period from a farming business, and (iv) the taxpayer’s share of (A) the foreign resource pool expenses, if any, incurred by the partnership in the fiscal period, (B) the Canadian exploration expense, if any, incurred by the partnership in the fiscal period, (C) the Canadian development expense, if any, incurred by the partnership in the fiscal period, and (D) the Canadian oil and gas property expense, if any, incurred by the partnership in the fiscal period, shall (c) not be deducted in computing the taxpayer’s income for the year, (d) not be included in computing the taxpayer’s non-capital loss for the year, (e) if the taxpayer is not a partnership, be deemed to be the taxpayer’s limited partnership loss in respect of the partnership for the year, and (f) if the taxpayer is a partnership, reduce the taxpayer’s share of any loss of the partnership for a fiscal period of the partnership ending in the taxation year of the taxpayer from a business (other than a farming business) or from property. Tiered partnerships — adjustments (2.11) The following rules apply to taxation years of a taxpayer that end after February 26, 2018: (a) for the purpose of applying section 111, the taxpayer’s non-capital loss, or limited partnership loss in respect of a partnership, for a preceding taxation year shall be determined as if subsection (2.01) and paragraph (2.1)(f) applied in respect of taxation years that end before February 27, 2018; and (b) in computing the adjusted cost base to the taxpayer of the taxpayer’s interest in a partnership after February 26, 2018, there shall be added an amount equal to the portion of the amount of any reduction because of paragraph (a) in a non-capital loss of the taxpayer that can reasonably be considered to relate to the amount of a loss deducted under subparagraph 53(2)(c)(i) in computing the adjusted cost base of that interest. At-risk amount (2.2) For the purposes of this section and sections 111, 127, 127.44, 127.45, 127.47, 127.48, 127.49 and 127.491, the at-risk amount of a taxpayer, in respect of a partnership of which the taxpayer is a limited partner, at any particular time is the amount, if any, by which the total of (a) the adjusted cost base to the taxpayer of the taxpayer’s partnership interest at that time, computed in accordance with subsection 96(2.3) where applicable, (b) where the particular time is the end of the fiscal period of the partnership, the taxpayer’s share of the income of the partnership from a source for that fiscal period computed under the method described in subparagraph 53(1)(e)(i), and (b.1) where the particular time is the end of the fiscal period of the partnership, the amount referred to in subparagraph 53(1)(e)(viii) in respect of the taxpayer for that fiscal period exceeds the total of (c) all amounts each of which is an amount owing at that time to the partnership, or to a person or partnership not dealing at arm’s length with the partnership, by the taxpayer or by a person or partnership not dealing at arm’s length with the taxpayer, other than any amount deducted under subparagraph 53(2)(c)(i.3) in computing the adjusted cost base, or under section 143.2 in computing the cost, to the taxpayer of the taxpayer’s partnership interest at that time, and (d) any amount or benefit that the taxpay