19 (1) Sections 66.1, 66.2 and 66.4 of the Income Tax Act (Canada) are applicable for the purposes of this Act in so far as the said sections apply to corporations except that, in the application of the said sections for the purposes of this Act, (a) the references therein to “Canadian exploration expense”, “Canadian development expense”, “Canadian oil and gas property expense”, “cumulative Canadian exploration expense”, “cumulative Canadian development expense” and “cumulative Canadian oil and gas property expense” shall be deemed to be references to such of those outlays or expenses as are made or incurred after the 19th day of May, 1981; (b) subject to section 22, in addition to the deduction provided under this section by virtue of subsection 66.2 (2) of the Income Tax Act (Canada), a corporation may claim in respect of its Canadian development expenses made or incurred in Ontario in the taxation year or in a previous taxation year a deduction of an amount equal to 70 per cent of the amount, if any, by which, (i) the aggregate of the amounts described in subparagraphs 66.2 (5) (b) (i) to (iii) of the Income Tax Act (Canada) that are in respect of expenses made or incurred in Ontario, exceeds the aggregate of all amounts each of which is, (ii) any amount previously deducted in computing its income for a taxation year by virtue of this clause, or (iii) the aggregate of the amounts described in subparagraphs 66.2 (5) (b) (iv) to (xi) and (xiii) of the Income Tax Act (Canada) that are in respect of expenses incurred in Ontario; (c) for the purpose of computing a corporation’s cumulative Canadian development expense at any time, any amount deducted by virtue of clause (b) in computing income for a taxation year ending before that time shall be deemed to be an amount deducted in computing its income for a taxation year ending before that time, but such amount shall not be included in computing the amount under subclause (b) (iii); and (d) the reference to the Minister in clause 66.1 (6) (a) (ii.1) (D) of the Income Tax Act (Canada) shall be read as a reference to the Minister of National Revenue.  R.S.O. 1990, c. C.40, s. 19; 2004, c. 16, s. 2 (2). Taxation years after 2002 (2) Despite subsection (1), paragraph (e) of the definition of “Canadian development expense” in subsection 66.2 (5) of the Income Tax Act (Canada) shall be deemed to refer to section 11.0.1 of this Act and shall be read as follows for the purposes of the application of that definition for taxation years ending after December 31, 2002: (e) despite subsection 11.0.1 (5), for taxation years ending after December 31, 2002, the cost to the corporation of, including any payment for the preservation of a corporation’s rights in respect of, any property described in paragraph (b), (e) or (f) of the definition of “Canadian resource property” in subsection 66 (15) of the Income Tax Act (Canada) or any right to or interest in such property (other than such a right or an interest that the corporation has by reason of being a beneficiary under a trust or a member of a partnership) but not including any payment made to any of the persons referred to in clause 11.0.1 (5) (a) for the preservation of a corporation’s rights in respect of a Canadian resource property nor a payment to which subsection 11.0.1 (5) applied because of subclause 11.0.1 (5) (b) (ii).  2004, c. 31, Sched. 9, s. 10. Same (3) Despite subsection (1), paragraph (a) of the definition of “Canadian oil and gas property expense” in subsection 66.4 (5) of the Income Tax Act (Canada) shall be deemed to refer to section 11.0.1 of the Act and shall be read as follows for the purposes of the application of that definition for taxation years ending after December 31, 2002: (a) despite subsection 11.0.1 (5), for taxation years ending after December 31, 2002, the cost to the corporation of, including any payment for the preservation of a corporation’s rights in respect of, any property described in paragraph (a), (c) or (d) of the definition of “Canadian resource property” in subsection 66 (15) of the Income Tax Act (Canada) or any right to or interest in such property (other than such a right or an interest that the corporation has by reason of being a beneficiary under a trust or a member of a partnership) or an amount paid or payable to Her Majesty in right of the Province of Saskatchewan as a net royalty payment pursuant to a net royalty petroleum and natural gas lease that was in effect on March 31, 1977 to the extent that it can reasonably be regarded as a cost of acquiring the lease, but not including any payment made to any of the persons referred to in clause 11.0.1 (5) (a) for the preservation of a corporation’s rights in respect of a Canadian resource property nor a payment (other than a net royalty payment referred to in this paragraph) to which subsection 11.0.1 (5) applied because of subclause 11.0.1 (5) (b) (ii).  2004, c. 31, Sched. 9, s. 10. Section Amendments with date in force (d/m/y) 2004, c. 16, s. 2 (2)
- 01/01/2004; 2004, c. 31, Sched. 9, s. 10 - 16/12/2004