Income Tax Act — I-3.3 66
e such that it would be just and equitable (a) to permit a designation under subsection 66(14.1) or 66(14.2) to be filed after the day on or before which it is required by that subsection to be filed, or (b) to permit a designation filed under subsection 66(14.1) or 66(14.2) to be amended, the Minister may permit the designation to be filed or amended, as the case may be, after that day, and where the designation or amendment is filed pursuant to that permission, it shall be deemed to have been filed on the day on or before which it was required to be filed if (c) it is filed with the Minister in prescribed form, and (d) the corporation filing it pays to the Receiver General at the time of filing the penalty in respect of it, and where a designation is amended under this subsection, the designation to which the amendment is made shall be deemed not to have been effective. Penalty for late designation (14.5) For the purposes of this section, the penalty in respect of a designation or amended designation referred to in paragraph 66(14.4)(a) or 66(14.4)(b) is the lesser of (a) an amount determined by the formula 0.0025 × A × B where A is (i) in the case of a late-filed designation, the amount designated therein, and (ii) in the case of an amended designation, the amount, if any, by which the amount designated in the designation being amended differs from the amount designated in the amended designation, and B is the number of months each of which is included in whole or in part in the period commencing on the day on or before which the designation was required to be filed under subsection 66(14.1) or 66(14.2), as the case may be, and ending on the day the late-filed designation or amended designation, as the case may be, is filed, and (b) an amount, not exceeding $8,000, equal to the product obtained by multiplying $100 by the number of months each of which is included in whole or in part in the period referred to in the description of B in paragraph 66(14.5)(a). Deduction of carved-out income (14.6) A taxpayer may deduct in computing the taxpayer’s income under this Part for a taxation year, an amount equal to the total of the taxpayer’s carved-out incomes for the year within the meaning assigned by subsection 209(1). Definitions (15) In this section, agreed portion in respect of a corporation that was a shareholder corporation of a joint exploration corporation means such amount as may be agreed on between the joint exploration corporation and the shareholder corporation not exceeding (a) the total of all amounts each of which is a payment or loan referred to in paragraph (b) of the definition shareholder corporation in this subsection 66(15) except to the extent that the payment or loan was made by a shareholder corporation that was not a Canadian corporation and was used by the joint exploration corporation to acquire a Canadian resource property after December 11, 1979 from a shareholder corporation that was not a Canadian corporation) made by the shareholder corporation to the joint exploration corporation during the period it was a shareholder corporation of the joint exploration corporation, minus (b) the total of the amounts, if any, previously renounced by the joint exploration corporation under any of subsections 66(10) to 66(10.3) in favour of the shareholder corporation; ( partie convenue ) assistance means any amount, other than a prescribed amount or an excluded loan as defined in subsection 12(11), received or receivable at any time from a person or government, municipality or other public authority whether the amount is by way of a grant, subsidy, rebate, forgivable loan, deduction from royalty or tax, rebate of royalty or tax, investment allowance or any other form of assistance or benefit; ( montant à titre d’aide ) Canadian exploration and development expenses incurred by a taxpayer means any expense incurred before May 7, 1974 that is (a) any drilling or exploration expense, including any general geological o