3.2 (1) In this section, “exempt amount for remote mines” means, with respect to an operator, the amount determined under subsection (4) for a taxation year; (“montant exonéré au titre des mines éloignées”) “exemption limit” means, with respect to an operator’s remote mine, the amount determined under subsection (6); (“limite d’exonération”) “exempt period” means, with respect to a remote mine, the exempt period described in subsection (5). (“période d’exonération”)  2000, c. 42, s. 72. Application (2) This section applies to an operator that has an interest in a remote mine that comes into existence after May 7, 1996.  2000, c. 42, s. 72. Election by operator (3) An operator may exclude from the operator’s profit for a taxation year ending after May 7, 1996 from remote mines in which the operator has an interest an amount not exceeding the operator’s exempt amount for remote mines.  2000, c. 42, s. 72. Calculation of exempt amount (4) The operator’s exempt amount for remote mines for a taxation year is the total of all amounts, if any, each of which relates to a remote mine in which the operator has an interest and equals the lesser of, (a) the operator’s profit, if any, from the remote mine for that portion of the exempt period that is during the taxation year; and (b) the amount, if any, of the operator’s exemption limit, if any, for the remote mine for the taxation year.  2000, c. 42, s. 72; 2001, c. 23, s. 152 (1). Exempt period (5) The exempt period for a remote mine is 120 months less the number of calendar months that have passed in the exempt period for the mine under clause 3.1 (7) (b) and the exempt period begins with the month in which any operator of the mine first becomes entitled to receive proceeds from the output of the mine.  2000, c. 42, s. 72. Exemption limit (6) The operator’s exemption limit for a remote mine for a taxation year is the following amount: 1. If there has been only one operator of the mine since it came into existence, the operator’s exemption limit for the mine is the amount, if any, by which $10 million exceeds the total of all amounts, if any, excluded from profit by the operator for a previous taxation year under subsection (3) or 3.1 (1). 2. If there have been or are two or more operators of the mine, an operator’s exemption limit for the mine is the amount, if any, by which $10 million exceeds the aggregate of, i. all amounts, if any, each of which is an amount that was excluded from profit in respect of the mine by the operator for a previous taxation year under subsection (3) or 3.1 (1), ii. all amounts, if any, each of which is the amount of an exemption limit allocated to another operator of the mine under subsection (7) or 3.1 (6), and iii. all amounts, if any, each of which is an amount that has been excluded under subsection (3) or 3.1 (1) from profit by a person who is no longer an operator of the mine.  2000, c. 42, s. 72. Exemption limit, more than one operator (7) If, in a taxation year, more than one operator holds an interest in a remote mine, the operators shall, by agreement, allocate among themselves the exemption limit for the remote mine and each operator shall file a copy of the allocation agreement with its tax return for each taxation year in which the operator makes an exclusion under subsection (3).  2000, c. 42, s. 72. Restriction on allocation of exemption limit (8) The total of all operators’ exemption limits for a remote mine as allocated under subsection (7) shall not exceed the amount by which $10 million exceeds the amounts, if any, that have been excluded under subsection (3) or 3.1 (1) from profit by a person who is no longer an operator of the mine.  2000, c. 42, s. 72. Determination of profit (9) For the purposes of this section, an operator’s profit from a remote mine for a portion of the exempt period that is during a taxation year is determined under subsection 3 (8) as if that portion of the exempt period were a taxation year.  2001, c. 23, s. 152 (2). Section Amendments with date in force (d/m/y) 2000, c. 42, s. 72
- 07/05/1996 2001, c. 23, s. 152 (1, 2) - 07/05/1996