6.1 (1) In this section, “elected functional currency” of an operator means the currency of a country other than Canada that is the elected functional currency of the operator within the meaning of subsection 261 (1) of the Income Tax Act (Canada) for the purposes of that section.  2011, c. 9, Sched. 24, s. 4. Application of subs. (3) (2) Subsection (3) applies to an operator in respect of a particular taxation year that begins after December 31, 2010 if the following conditions are satisfied: 1. The operator’s taxation year under this Act coincides with the operator’s taxation year for the purposes of the Income Tax Act (Canada). 2. The operator has satisfied the requirements under subsection 261 (3) of the Income Tax Act (Canada) in respect of the taxation year. 3. On or before the day that is 60 days after the first day of the taxation year, i. the operator has elected that subsection (3) apply to the operator for the taxation year by filing an election with the Minister of Revenue in the form and manner required by the Minister, ii. the election has not been revoked under subsection (4) for the taxation year, iii. the operator has provided the Minister of Revenue with a copy of the election filed under section 261 of the Income Tax Act (Canada) and any other information that the operator has sent to or has received from the Minister of National Revenue in connection with the election, and iv. the operator has provided evidence satisfactory to the Minister of Revenue that the operator has satisfied all conditions set out in this subsection and in subsection 261 (3) of the Income Tax Act (Canada). 4. The operator has satisfied any other conditions as may be prescribed by the Minister.  2011, c. 9, Sched. 24, s. 4; 2017, c. 34, Sched. 25, s. 1. Functional currency tax reporting (3) The following rules apply to an operator for a particular taxation year with respect to the operator’s elected functional currency: 1. The following amounts in respect of the operator shall be determined using the operator’s elected functional currency: i. The amount of the operator’s profit or loss from all mines in which the operator has an interest, if any, as determined under this Act for the taxation year. ii. The amount of tax or any other amount payable by the operator for the taxation year under this Act, other than a reimbursement payable by the operator under subsection 11 (4). iii. The amount of tax or other amount refundable or paid to the operator, or applied by the Minister to another liability of the operator, under this Act in respect of the taxation year. iv. Any amount that is relevant in determining the amounts described in respect of the operator under subparagraph i, ii or iii. 2. Unless the context requires otherwise, section 261 of the Income Tax Act (Canada) applies for the purposes of this Act with any modifications that are necessary or that may be prescribed by the Minister, including the following modifications: i. References to “taxpayer” in section 261 of that Act shall be read as references to “operator” in this Act. ii. References to “Canadian tax results” in section 261 of that Act shall be read as references to the amounts determined under paragraph 1. iii. References to the “Minister” in section 261 of that Act shall be read as references to the “Minister of Revenue” in this Act.  2011, c. 9, Sched. 24, s. 4. Revocation (4) An operator’s election under paragraph 3 of subsection (2) is revoked for the purposes of this Act if, on any day in a functional currency year, (a) the operator does not satisfy any requirements that may be prescribed by the Minister; (b) the operator does not satisfy the requirements under subsection 261 (3) of the Income Tax Act (Canada); or (c) the operator files a notice of revocation under subsection 261 (4) of the Income Tax Act (Canada).  2011, c. 9, Sched. 24, s. 4. Same (5) If an operator files a notice of revocation under subsection 261 (4) of the Income Tax Act
(Canada), the revocation of the operator’s election under this Act applies to each taxation year of the operator that begins on or after the day that is six months after the day the notice is filed.  2011, c. 9, Sched. 24, s. 4. Same (6) If an operator files a notice of revocation under subsection 261 (4) of the Income Tax Act
(Canada), the operator shall send a copy of the notice to the Minister of Revenue within 30 days after the notice is filed.  2011, c. 9, Sched. 24, s. 4. Amounts payable under Act (7) For greater certainty, in respect of a particular functional currency year or a prior taxation year of an operator, all amounts payable by the operator under this Act or amounts that became collectable and enforceable as if they were tax payable under this Act, are to be paid in Canadian currency.  2011, c. 9, Sched. 24, s. 4. Regulations (8) The Minister may make regulations prescribing anything that is referred to in this section as being prescribed by the Minister.  2011, c. 9, Sched. 24, s. 4. Section Amendments with date in force (d/m/y) 2011, c. 9, Sched. 24, s. 4 - 12/05/2011 2017, c. 34, Sched. 25, s. 1 - 14/12/2017 Returns and audits