201. (1) Except as otherwise provided in this section, for the purposes of clause 11 (10) (a) of the Act there is hereby allowed to a corporation as deductions for each taxation year in computing its income from a business or property, as the case may be, such amounts as it may claim in respect of the capital cost to it of property calculated in accordance with sections 1100, 1101, 1102, 1103, 1104, 1105, 1106, 1700, 1701, 1702, 1703, 1704 and 4302 and Schedules II, III, IV, V and VI of the regulations made under the Income Tax Act
(Canada) as such regulations are in force and amended from time to time for the purposes of that Act.  R.R.O. 1990, Reg. 183, s. 201 (1); O. Reg. 453/92, s. 1 (1). (2) In the application of section 1100 of the regulations made under the Income Tax Act (Canada) for the purposes of this section, (a) references to “November 12, 1981” in paragraphs 1100 (1) (b), (t), (ta) and (v) and in subsections 1100 (2.1) and (2.2) shall be read as “the 24th day of October, 1985”; (b) references to “November 13, 1981” in paragraph 1100 (1) (ta) and subsection 1100 (2.1) shall be read as “the 25th day of October, 1985”; (c) the reference to “1983” in subsection 1100 (2.1) shall be read as “1987”; (d) references to “June 1, 1982” in subsection 1100 (2.1) shall be read as “the 1st day of June, 1986”; (e) references in subparagraph 1100 (1.1) (b) (i) to paragraph 20 (1) (a) of the Income Tax Act (Canada) shall be read as references to clause 11 (10) (a) of the Corporations Tax Act; (f) the reference in clause 1100 (1.13) (a) (vi) (A) to section 149 of the Income Tax Act
(Canada) shall be read as a reference to section 57 of the Corporations Tax Act; and (g) the reference in clause 1100 (1.13) (a) (vi) (B) to Part I of the Income Tax Act
(Canada) shall be read as a reference to Part II of the Corporations Tax Act.  R.R.O. 1990, Reg. 183, s. 201 (2); O. Reg. 453/92, s. 1 (2). (3) For the purposes of this section, the provisions of subsection 13 (10) of the Income Tax Act (Canada) shall not apply to increase the capital cost of property described in subsection 1102 (15) of the regulations made under that Act. (4) Subject to subsection (5), where a corporation has, for the purposes of the Income Tax Act (Canada), included property in class 28 of Schedule II to the regulations made under that Act, such property shall, for the purposes of the Act, be deemed to be property included in class 10 of Schedule II to those regulations. (5) Where a corporation has, for purposes of the Income Tax Act (Canada), (a) included property acquired before the 1st day of January, 1974 in class 28 of Schedule II to the regulations made under that Act, such property shall be deemed to be property included in that class as of the 1st day of January, 1974 for the purposes of the Act, and the provisions of subsection 13 (5) of the Income Tax Act
(Canada) shall apply for the purposes of the Act and this section; (b) included property that was acquired after the 31st day of December, 1973 in class 28 of Schedule II to the regulations made under that Act, such property shall, for the purposes of the Act, be included in class 28 of Schedule II to those regulations.  R.R.O. 1990, Reg. 183, s. 201 (3-5). (6) In lieu of the additional allowances otherwise allowed under paragraphs 1100 (1) (w), (x), (y) and (ya) of the regulations made under the Income Tax Act
(Canada), a corporation may claim a deduction in computing its income for a taxation year equal to, (a) any additional amount it may claim in respect of property described in class 28 or 41 of Schedule II to those regulations acquired for the purpose of gaining or producing income from a mine, or in respect of property acquired for the purpose of gaining or producing income from a mine and for which a separate class is or would be prescribed by subsection 1101 (4a) or (4c) of those regulations, not exceeding the lesser of, (i) the amount that would be its income for the year from the mine if its income for the year from the mine were determined without reference to paragraph 12 (1) (z.5) of the Income Tax Act (Canada) and without any deduction under this clause, clause (b), clause 11 (10) (b) of the Act or section 17, 18, 19 or 21 of the Act or any deduction in respect of exploration and development expenses permitted under The Corporations Tax Application Rules, 1972, and (ii) the undepreciated capital cost to it of the property of that class as of the end of the taxation year, before making any deduction under this clause for the taxation year; and (b) any additional amount it may claim in respect of property described in class 28 or 41 of Schedule II to those regulations acquired for the purpose of gaining or producing income from more than one mine and for which a separate class is or would be prescribed by subsection 1101 (4b) or (4d) of those regulations, not exceeding the lesser of, (i) the amount that would be its income for the year from the mines if its income for the year from the mines were determined without reference to paragraph 12 (1) (z.5) of the Income Tax Act (Canada) and without any deduction under this clause, clause 11 (10) (b) of the Act or section 17, 18, 19 or 21 of the Act or any deduction in respect of exploration and development expenses permitted under The Corporations Tax Application Rules, 1972, and (ii) the undepreciated capital cost to it of the property of that class as of the end of the taxation year, before making any deduction under this clause for the taxation year.  R.R.O. 1990, Reg. 183, s. 201 (6); O. Reg. 453/92, s. 1 (3-9); O. Reg. 355/98, s. 20 (1, 2); O. Reg. 60/06, s. 6 (1, 2). (6.1) For the purposes of computing the income of a corporation for a taxation year ending after December 31, 2002, the references in subclauses (6) (a) (i) and (b) (i) to paragraph 12 (1) (z.5) of the Income Tax Act (Canada) shall be read as references to subsection 11.0.1 (4) of the Corporations Tax Act.  O. Reg. 60/06, s. 6 (3). (7) Revoked:  O. Reg. 355/98, s. 20 (3). Note: Despite its revocation by O. Reg. 355/98, s. 20 (3), subsection (7) continues to apply to taxation years commencing before January 1, 1989.  See:  O. Reg. 355/98, s. 20 (5). (8) In lieu of the deduction otherwise allowed by subsection (1), there is hereby allowed to a corporation in computing its income from a business or a property, as the case may be, deductions for each taxation year equal to such amounts as it may claim in respect of property included in class 3, 6 or 8 of Schedule II to the regulations made under the Income Tax Act (Canada), (a) that is, (i) a grain elevator situated in that part of Canada that is defined in section 2 of the Canada Grain Act as the “Eastern Division” the principal use of which, (A) is the receiving of grain directly from producers for storage or forwarding or both, (B) is the receiving and storing of grain for direct manufacture or processing into other products, or (C) has been certified by the Minister of Agriculture (Canada) to be the receiving of grain that has not been officially inspected or weighed, (ii) an addition to a grain elevator described in subclause (i), (iii) fixed machinery installed in a grain elevator or in an addition to a grain elevator in respect of which an additional amount has been or may be claimed under clause (e), (iv) fixed machinery, designed for the purpose of drying grain, installed in a grain elevator described in subclause (i), (v) machinery designed for the purpose of drying grain on a farm, or (vi) a building or other structure designed for the purpose of storing grain on a farm; (b) that was acquired by the corporation after the 31st day of July, 1974 and before 1977; and (c) that was not used for any purpose whatever before it was acquired by the corporation, not exceeding the aggregate of, (d) an amount equal to, (i) in respect of such property that is included in class 3 of Schedule II to the regulations made under the Income Tax Act (Canada), 5 per cent, (ii) in respect of such property that is included in class 6 of the said Schedule II, 10 per cent, or (iii) in respect of such property that is included in class 8 of the said Schedule II, 20 per cent, of the undepreciated capital cost to it as of the end of the taxation year, before making any reduction under this clause for the taxation year, of the property of the class; and (e) an additional amount that is the lesser of, (i) where the property is included in class 3, 22 per cent of the capital cost thereof, where the property is included in class 6, 20 per cent of the capital cost thereof, or where the property is included in class 8, (A) 14 per cent of the capital cost thereof in the case of property referred to in subclause (a) (iii), (iv) or (vi), and (B) 14 per cent of the lesser of $15,000 and the capital cost thereof in the case of property described in subclause (a) (v), and (ii) the undepreciated capital cost to it as of the end of the taxation year (before making any deduction under this clause for the taxation year) of property of the class.  R.R.O. 1990, Reg. 183, s. 201 (8). (9) In addition to the deduction otherwise allowed by subsection (1), there is hereby allowed to a corporation in computing its income from a business or property, as the case may be, a deduction for each taxation year in respect of property included in class 1, 3, 6 or 8 of Schedule II to the regulations made under the Income Tax Act (Canada), (a) that is, (i) a grain elevator situated in Ontario the principal use of which, (A) is the receiving of grain directly from producers for storage or forwarding or both, (B) is the receiving and storing of grain for direct manufacture or processing into other products, or (C) has been certified by the Minister of Agriculture (Canada) to be the receiving of grain that has not been officially inspected or weighed, (ii) an addition to a grain elevator described in subclause (i), (iii) fixed machinery installed in a grain elevator or in an addition to a grain elevator in respect of which an additional amount has been or may be claimed under this subsection, (iv) fixed machinery, designed for the purpose of drying grain, installed in a grain elevator described in subclause (i), (v) machinery designed for the purpose of drying grain on a farm in Ontario, or (vi) a building or other structure designed for the purpose of storing grain on a farm in Ontario; (b) that was acquired by the corporation after 1976; and (c) that was not used for any purpose before it was acquired by the corporation, an amount not exceeding the lesser of, (d) where the property is included in class 1 or 3, 22 per cent of the capital cost thereof, where the property is included in class 6, 20 per cent of the capital cost thereof, or where the property is included in class 8, (i) 14 per cent of the capital cost thereof in the case of property referred to in subclause (a) (iii), (iv) or (vi), and (ii) 14 per cent of the lesser of $15,000 and the capital cost thereof in the case of property described in subclause (a) (v); and (e) the undepreciated capital cost to it as of the end of the taxation year, before making any deduction under this subsection for the taxation year, of property of the class.  R.R.O. 1990, Reg. 183, s. 201 (9); O. Reg. 453/92, s. 1 (11). (10) Where a taxation year is less than twelve months, the amount allowed as a deduction under subsections (6), (8) and (9) shall not exceed that proportion of the maximum amount otherwise allowable that the number of days in the taxation year is of 365.  R.R.O. 1990, Reg. 183, s. 201 (10). Eligible Assets for Current Cost Adjustment