GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Frontier Lands Petroleum Royalty Regulations — 9
9 (1) A return allowance of an interest holder of a production licence in relation to a project shall be calculated for the month in which the project commencement date falls and for every month after that date, up to but not including the month of payout, if (a) the interest owner or the representative of the interest owner has notified the Minister of the month in which the interest owner proposes to commence production for the purpose of sale; and (b) that month is consistent with the development plan. (2) [Repealed, SOR/2008-96, s. 7] (3) Subject to subsections (4) and (5), the return allowance of an interest holder in relation to a project in respect of any month for which a calculation is required by subsection (1) shall be equal to the product of (a) (1.1 + X) 1/12 - 1, where X equals the long term government bond rate and (b) the amount by which the interest holder’s cumulative costs in relation to the project in respect of that month exceed the interest holder’s cumulative gross revenues in relation to the project in respect of that month. (4) Subject to subsection (5), where production of petroleum from project lands for the purpose of sale does not begin on or before the proposed month referred to in subsection (1), the return allowance of an interest holder for each month in the period beginning with the month immediately following the proposed month and ending with the month immediately preceding the month in which such production begins shall be equal to the product of (a) the result obtained by subtracting 1 from the ratio that the inflation index for the month bears to the inflation index for the immediately preceding month, and (b) the amount by which the interest holder’s cumulative costs in relation to the project in respect of that month exceed the interest holder’s cumulative gross revenues in relation to the project in respect of that month. (5) For the purpose of calculating the return allowance of an interest holder for a month, each allowed capital cost of the interest holder shall be adjusted as follows: (a) where the cost was incurred before the project commencement date, it shall be multiplied by the ratio that the inflation index for the month in which the project commencement date falls bears to the inflation index for the month in which the allowed capital cost was incurred; and (b) where the cost is a qualified frontier exploration expense, it shall be reduced by the amount of any credit that has been deducted under subsection 3(3) to determine the royalty payable in a preceding month if that credit includes an investment royalty credit that is calculated on the basis of that expense. (6) For the purpose of paragraph (5)(b), if the credit deducted under subsection 3(3) is less than the amount of the investment royalty credit balance in respect of the month in which the royalty is payable, the credit shall be considered to be calculated on the basis of expenses in the order in which they were incurred. SOR/2006-87, s. 2; SOR/2008-96, s. 7
Frontier Lands Petroleum Royalty Regulations — 10
10 (1) An interest holder may make an application to the Minister, in the prescribed form, for the certification of qualified frontier exploration expenses. (2) The interest holder shall file the application with the Minister not later than one year after the year in which the expenses are incurred. (3) If the application is filed within the required time period, the Minister shall, if the Minister determines that the expenses are qualified frontier exploration expenses, certify those expenses as qualified frontier exploration expenses. SOR/2008-96, s. 8
Frontier Lands Petroleum Royalty Regulations — 11
11 (1) Each interest holder of a production licence in relation to a project shall file with the Minister, in the prescribed form, (a) a pre-project commencement cost statement for that interest in the month of the project commencement in respect of allowed capital costs and allowed operating costs for that interest incurred prior to the month of the project commencement; and (b) a royalty return for that interest for the month of the project commencement and for every month after that whether a royalty is payable for that month or not. (2) The interest holder shall file the pre-project commencement cost statement and the royalty return not later than the last day of the second month after the months referred to in paragraphs (1)(a) and (b). SOR/2008-96, s. 9
Frontier Lands Petroleum Royalty Regulations — 12
12 (1) Each interest holder of a production licence in relation to a project shall file with the Minister a payout statement, in the prescribed form, in respect of the project for each six month period, beginning with the period that starts with the month in which the project commencement date falls and ending with the period that includes the month of payout. (2) The payout statement shall be filed not later than the last day of the second month after the six-month period to which it relates. SOR/2008-96, s. 10
Frontier Lands Petroleum Royalty Regulations — 13
13 (1) If the interest owner of a production licence in relation to a project consists of only one interest holder, the holder shall file with the Minister and, if the interest owner of a production licence in relation to a project consists of two or more interest holders, the representative of the interest owner shall file with the Minister, in the prescribed form, (a) a proposed production commencement date statement; and (b) a production and cost statement for the month in which the project commencement date falls and for every month after that month in respect of the volumes or quantities of petroleum from the project that are produced, consumed or transported from project lands in the month, the project costs for the month and the portion of any petroleum or costs that is attributed to the respective interest holders for the month. (2) The statement referred to in paragraph (1)(a) shall be filed not later than the 15th day of the month after the month in which the project commencement date falls, and the statement referred to in paragraph (1)(b) shall be filed not later than the 15th day of the second month after the month to which it relates. SOR/2008-96, s. 11
Frontier Lands Petroleum Royalty Regulations — 14
14 Each interest holder of a production licence, when paying a royalty, penalty or interest, shall identify, in the prescribed form, the interest holder and the project in respect of which the payment is made. SOR/2008-96, s. 11
Frontier Lands Petroleum Royalty Regulations — 14.1
14.1 (1) Within 60 days after the change in ownership of a share in an interest in relation to a project, the successor and predecessor referred to in section 8 shall file a report with the Registrar that (a) sets out the changes in ownership of interests in relation to a project; (b) sets out the amount of cumulative costs for the successor and predecessor in respect of the month of acquisition; and (c) includes a summary of the terms and conditions of the sales agreement or arrangement. (2) If the information in the summary referred to in paragraph (1)(c) is insufficient, the Minister may require that a copy of the agreement or arrangement be filed with the Registrar. SOR/2008-96, s. 11
Frontier Lands Petroleum Royalty Regulations — 15
15 Each interest holder of a production licence shall retain the information required to be kept under subsection 59(1) of the Act, in respect of royalty returns and statements referred to in subsections 11(1), 12(1) and 13(1), at the interest holder’s place of business in Canada, for a period of six years after the day on which the respective royalty returns and statements are filed. SOR/2008-96, s. 11
Frontier Lands Petroleum Royalty Regulations — 16
16 (1) For the purposes of section 56 of the Act, the prescribed rate of interest for any period is the rate prescribed by Part XLIII of the Income Tax Regulations , as amended from time to time, in respect of that period. (2) The interest payable by an interest holder under section 56 of the Act on arrears of royalties, interest or penalties shall be calculated from the day on which the royalties, interest or penalties payable was due to the day on which payment is received by the Minister, and shall be compounded monthly. (3) If, in the Minister’s opinion, the arrears have occurred through no fault of the interest holder, the interest payable by the interest holder on those arrears shall be calculated from the end of the month after the month in which the arrears were discovered. SOR/2006-87, s. 3(F); SOR/2008-96, s. 12
Frontier Lands Petroleum Royalty Regulations — 17
17 (1) The prescribed penalty to be paid by an interest holder for failing to file a statement or royalty return referred to in sections 11 to 13 or for filing a statement or royalty return that is substantially incomplete or contains information of inadequate quality to properly calculate the royalty payable is $1,000 for each month or part of a month from the day on which the statement or royalty return is due to the day on which the statement or royalty return is filed. (2) The prescribed penalty to be paid for failing to file a report in accordance with section 14.1 is $1,000 for each month or part of a month from the day on which the report is due to the day on which the report is filed with the Registrar. (3) Payment of penalties that are prescribed under this section is due on the last day of the month after the month in which they are imposed. SOR/2006-87, s. 4(E); SOR/2008-96, s. 12
Frontier Lands Petroleum Royalty Regulations — 18
18 (1) For the purposes of section 66 of the Act, the circumstances in which the Minister shall refund any overpayment made on account of royalties, interest or penalties are (a) where, on an assessment, the Minister determines that an overpayment has been made; (b) where royalties, interest or penalties are remitted in error; or (c) where such a refund is required to be made by order of a court. (2) The Minister shall not refund any overpayment on the amounts specified in subsection 5(2) except for the last production month. SOR/2008-96, s. 13
Frontier Lands Petroleum Royalty Regulations — 19
19 (1) For the purposes of section 66 of the Act, the prescribed rate of interest for any period is the rate referred to in subsection 16(1). (2) The interest payable by the Minister under section 66 of the Act on an overpayment made by an interest holder on account of royalties, interest or penalties shall be calculated from the end of the second month after the month in which the overpayment was made and shall be compounded monthly. SOR/2008-96, s. 14
Frontier Lands Petroleum Royalty Regulations — 20
20 If interest or penalties are payable by the interest holder, any payments received shall be applied first to penalties payable, second to interest payable and third to royalties payable. SOR/2008-96, s. 15
Frontier Lands Petroleum Royalty Regulations — 21
21 (1) Interest is payable on deferred royalties that are payable under subsection 6.1(2) and is calculated from the date that the deferral is made. (2) For the purpose of calculating the interest, withdrawals from an abandonment and restoration royalty trust are applied to deferred royalties in the order in which they are deferred. SOR/2008-96, s. 15
Frontier Lands Petroleum Royalty Regulations — 1
pplies for use on the project lands, or (iv) the transportation of supplies or personnel to or from the project lands; (e) incurred on account of telecommunications, power, water or fuel used on the project lands; (f) incurred on account of the disposal of waste materials, including sewage, from the project lands; or (g) incurred on account of any production infrastructure whose cost is an allowed capital cost under paragraph (1)(m) that otherwise would be an allowed operating cost under paragraphs (a) to (f) if incurred in respect of production infrastructure that is located on project lands.
Frontier Lands Petroleum Royalty Regulations — 2
2 Subject to section 4, the following are not allowed capital costs or allowed operating costs of a project: (a) the part of a cost that is subject to reimbursement, compensation or other payment, including any amount of assistance or benefit from a government, municipality or other public authority, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit where, at the time the cost is incurred, the interest holder who incurs the cost has received or has an absolute right to receive that payment; (b) an amount on account of interest, including an amount or expense described in paragraph 20(1)(c), (d) or (e) of the Income Tax Act , as amended from time to time; (c) a payment to a person who does not deal at arm’s length with the interest holder making the payment, to the extent that the payment exceeds the fair market value of the property, the use of the property, the right to use the property or the performance of a service in respect of which the payment is made; (d) a cost or expense in respect of the administration, management, overhead or financing of an interest holder or of the operator of production infrastructure; (e) a payment on account of an overriding royalty, a net profits interest, a carried interest or other similar interest; (f) a cost or expense resulting from any act or omission that constitutes a breach of any federal, provincial or municipal law; (g) a cost or expense in respect of processing petroleum, other than a cost or expense in respect of producing transportable petroleum; (h) a cost or expense in respect of the transportation of petroleum produced from the project lands to a point beyond the boundary of the project lands, unless it is for production infrastructure that is not located on project lands in accordance with paragraph 1(1)(m); (i) an allowed capital cost or allowed operating cost, respectively, of another project, unless it was allocated in accordance with section 3; (j) a tax imposed under Part IX of the Excise Tax Act , as amended from time to time; (k) the administrative costs of an abandonment and restoration royalty trust; or (l) a cost or expense that is not expressly provided for in section 1.
Frontier Lands Petroleum Royalty Regulations — 3
3 If allowed capital costs or allowed operating costs are attributable to more than one project or use, those costs shall be allocated to each project on a reasonable basis.
Frontier Lands Petroleum Royalty Regulations — 4
4 For the purposes of paragraph 2(a), if a person has transferred or assigned a right referred to in that paragraph, that person is considered to have received the amount of the reimbursement, compensation or other payment at the time of the transfer or assignment.
Frontier Lands Petroleum Royalty Regulations — 5
5 (1) Subject to subsection (2), if in any month there is an entitlement to receive an amount under a policy of insurance for loss or damage to property, or an amount from the licensing or from the sale, lease or other disposition or use of any tangible or intangible asset, (a) the allowed capital costs in respect of that month shall be reduced by the amount of that entitlement, or by the fair market value of that property or asset, whichever is greater, when the cost of the property or asset to which the entitlement relates is an allowed capital cost of the project; and (b) the allowed operating costs in respect of that month shall be reduced by the amount of that entitlement, when the cost of the property or asset to which the entitlement relates is an allowed operating cost of the project but not an allowed capital cost of it. (2) If the amount by which the allowed capital costs or the allowed operating costs are reduced under paragraph (1)(a) or (b), as the case may be, exceeds the amount of those costs in that month, the difference shall be considered to be the allowed capital costs or allowed operating costs, as the case may be, expressed as a negative value.
Frontier Lands Petroleum Royalty Regulations — 1
1 The following definitions apply in this Schedule. average capital , in respect of a month, means the sum of the average net capital, the land value and the working capital allowance for the month. ( capital moyen ) average net capital , in respect of a month, means the sum of the opening net capital and closing net capital for the month divided by two. ( capital net moyen ) closing net capital , in respect of a month, means the book value, before depreciation, at the end of the month, of all depreciable assets forming part of or permanently used at a facility at the beginning of the month plus 101% of the book value, before depreciation, of all depreciable assets acquired during the month and forming part of or permanently used at the facility at the end of the month, less all depreciation allowances in respect of those assets for that month and the preceding months. ( capital net de fermeture ) depreciable assets means property in respect of which capital cost allowances may be deducted under the Income Tax Act , as amended from time to time. ( bien amortissable ) facility operating costs , in respect of a month, means the facility operating costs that are described in and calculated in accordance with section 7 and that are incurred in that month. ( frais d’exploitation d’une installation ) land value means the acquisition cost of land on which a facility is permanently located. ( valeur foncière ) opening net capital , in respect of a month, means the book value, before depreciation, at the beginning of the month, of all depreciable assets forming part of or permanently used at a facility at the beginning of the month, less all depreciation allowances in respect of those assets for the preceding months. ( capital net d’ouverture ) return on average capital , in respect of a month, means an amount equal to the average capital for the month, multiplied by that percentage equal to 5% plus the long-term government bond rate, and divided by 12. ( rendement du capital moyen ) working capital allowance , in respect of a month, means an amount equal to 110% of the facility operating costs for that month multiplied by two. ( déduction pour fonds de roulement )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
average capital , in respect of a month, means the sum of the average net capital, the land value and the working capital allowance for the month. ( capital moyen )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
average net capital , in respect of a month, means the sum of the opening net capital and closing net capital for the month divided by two. ( capital net moyen )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
closing net capital , in respect of a month, means the book value, before depreciation, at the end of the month, of all depreciable assets forming part of or permanently used at a facility at the beginning of the month plus 101% of the book value, before depreciation, of all depreciable assets acquired during the month and forming part of or permanently used at the facility at the end of the month, less all depreciation allowances in respect of those assets for that month and the preceding months. ( capital net de fermeture )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
depreciable assets means property in respect of which capital cost allowances may be deducted under the Income Tax Act , as amended from time to time. ( bien amortissable )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
facility operating costs , in respect of a month, means the facility operating costs that are described in and calculated in accordance with section 7 and that are incurred in that month. ( frais d’exploitation d’une installation )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
land value means the acquisition cost of land on which a facility is permanently located. ( valeur foncière )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
opening net capital , in respect of a month, means the book value, before depreciation, at the beginning of the month, of all depreciable assets forming part of or permanently used at a facility at the beginning of the month, less all depreciation allowances in respect of those assets for the preceding months. ( capital net d’ouverture )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
return on average capital , in respect of a month, means an amount equal to the average capital for the month, multiplied by that percentage equal to 5% plus the long-term government bond rate, and divided by 12. ( rendement du capital moyen )
Frontier Lands Petroleum Royalty Regulations — Frontier Lands Petroleum Royalty Regulations
working capital allowance , in respect of a month, means an amount equal to 110% of the facility operating costs for that month multiplied by two. ( déduction pour fonds de roulement )
Frontier Lands Petroleum Royalty Regulations — 2
2 (1) The revenues of an interest holder from petroleum produced from project lands are (a) if the petroleum is sold by the interest holder to a purchaser with whom the interest holder is dealing at arm’s length and there is no arrangement of hedging or other similar arrangement, the aggregate of (i) the amount of money and other consideration payable to the interest holder for the petroleum, (ii) all amounts payable to or on behalf of the interest holder by the purchaser in respect of costs or expenses that by industry custom are normally paid by the interest holder, and (iii) in the case of a sale under a take or pay agreement, the amount, if any, by which the fair market value of the petroleum for the production month for which the prescribed royalty is payable exceeds the aggregate of the amounts described in subparagraphs (i) and (ii); (b) if the petroleum is sold by the interest holder to a purchaser with whom the interest holder is dealing at arm’s length and there is an arrangement of hedging or other similar arrangement, the fair market value of the petroleum for the production month for which the prescribed royalty is payable; (c) if the petroleum is sold by the interest holder to a purchaser with whom the interest holder is not dealing at arm’s length, the greater of (i) the fair market value of the petroleum for the production month for which the prescribed royalty is payable, and (ii) the amount of money and other consideration payable to the interest holder for the petroleum; (d) if the petroleum is lost and that loss is insured under a policy of insurance, the greater of (i) the insurance proceeds payable to the interest holder under the policy, and (ii) the fair market value of the petroleum for the production month for which the prescribed royalty is payable; and (e) in any case not described in paragraphs (a) to (d), the fair market value of the petroleum for the production month for which the prescribed royalty is payable. (2) The gross revenues of an interest holder from petroleum produced from project lands are equal to the revenues calculated under subsection (1), less the sum, not exceeding 95% of those revenues, of any allowances for that petroleum as determined in accordance with sections 4 and 5. (3) For the purpose of calculating the gross revenues or fair market value referred to in this section, the petroleum produced from project lands shall be valued at the point of production. (4) Where, in determining the gross revenues of an interest holder in relation to a project in respect of a month, the aggregate of the gas processing allowance and the transportation allowance exceeds the revenues calculated under subsection (1), the portion of the excess that is attributable to an operational disruption at a facility for the purposes of maintenance shall be considered to be the gas processing allowance and the transportation allowance of the interest holder in relation to that project in respect of the following month.