Income Tax Act — I-3.3 127
r and ending at the end of the taxpayer’s first taxation year ending at least 12 months after that time, primarily for the prosecution of scientific research and experimental development in Canada, but does not include general purpose office equipment or furniture; ( matériel à vocations multiples de première période ) fiscal year means an annual accounting period in respect of which a corporation prepares its financial statements; ( exercice ) flow-through critical mineral mining expenditure of a taxpayer for a taxation year means an expense deemed by subsection 66(12.61) (or by subsection 66(18) as a consequence of the application of subsection 66(12.61) to the partnership, referred to in paragraph (c) of this definition, of which the taxpayer is a member) to be incurred by the taxpayer in the year (a) that is a Canadian exploration expense incurred by a corporation after April 7, 2022 in conducting mining exploration activity from or above the surface of the earth primarily targeting critical minerals, (b) that (i) is an expense described in paragraph (f) of the definition Canadian exploration expense in subsection 66.1(6), and (ii) is not an expense in respect of (A) trenching, if one of the purposes of the trenching is to carry out preliminary sampling (other than specified sampling), (B) digging test pits (other than for the purpose of carrying out specified sampling), and (C) preliminary sampling (other than specified sampling), (c) that is an amount in respect of which is renounced in accordance with subsection 66(12.6) by the corporation to the taxpayer (or a partnership of which the taxpayer is a member) under an agreement described in that subsection and made after April 7, 2022 and on or before March 31, 2027, (d) that is not an expense that was renounced under subsection 66(12.6) to the corporation (or a partnership of which the corporation is a member), unless that renunciation was under an agreement described in that subsection and made after April 7, 2022 and on or before March 31, 2027, (e) that, in respect of an agreement described in paragraph (c), a qualified professional engineer or professional geoscientist certifies in prescribed form and manner that the expense is to be incurred in accordance with an exploration plan that primarily targets critical minerals if the qualified professional engineer or professional geoscientist (i) completed the certification within the 12-month period immediately preceding the time when the agreement is made, and (ii) acted reasonably, in their professional capacity, in completing the certification, and (f) that is not an expense that the taxpayer has included under paragraph (a.2) of the definition investment tax credit in the computation of its investment tax credit in respect of which the taxpayer has, at any time, sought a deduction under subsection (5); ( dépense minière de minéral critique déterminée ) flow-through mining expenditure of a taxpayer for a taxation year means an expense deemed by subsection 66(12.61) (or by subsection 66(18) as a consequence of the application of subsection 66(12.61) to the partnership, referred to in paragraph (c) of this definition, of which the taxpayer is a member) to be incurred by the taxpayer in the year (a) that is a Canadian exploration expense incurred by a corporation after March 2025 and before 2028 (including, for greater certainty, an expense that is deemed by subsection 66(12.66) to be incurred before 2028) in conducting mining exploration activity from or above the surface of the earth for the purpose of determining the existence, location, extent or quality of a mineral resource described in paragraph (a) or (d) of the definition mineral resource in subsection 248(1), (b) that (i) is an expense described in paragraph (f) of the definition Canadian exploration expense in subsection 66.1(6), and (ii) is not an expense in respect of (A) trenching, if one of the purposes of the trenching is to carry out preliminary sampling