Versions of s. 211.92(10)

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2026-03-26 to present available View Source

Except where subsection (11) applies, if at any time in a particular taxation year during the total CCUS project review period of a CCUS project a taxpayer disposes of or removes from Canada a property for which the taxpayer’s qualified CCUS expenditure resulted in the determination of a CCUS refurbishment tax credit for the year or a previous taxation year, then there shall be added to the tax otherwise payable by the taxpayer under this Part for the year the amount determined by the formula A × B × C ÷ D − E where A is the qualified CCUS expenditure in respect of the property; B is the appropriate specified percentage; C is the amount, not exceeding the amount determined for D, equal to if the property is disposed of to a person who deals at arm’s length with the taxpayer, the proceeds of disposition of the property, or if the property is disposed of to a person who does not deal at arm’s length with the taxpayer, or is exported from Canada, the fair market value of the property; D is the taxpayer’s capital cost of the property; and E is the total of all amounts, each of which can reasonably be considered to be the portion of any amount previously paid by the taxpayer because of subsection (5) in respect of the property, to the extent that the amount did not reduce the tax payable by the taxpayer under this subsection in a preceding taxation year.

Full text

Except where subsection (11) applies, if at any time in a particular taxation year during the total CCUS project review period of a CCUS project a taxpayer disposes of or removes from Canada a property for which the taxpayer’s qualified CCUS expenditure resulted in the determination of a CCUS refurbishment tax credit for the year or a previous taxation year, then there shall be added to the tax otherwise payable by the taxpayer under this Part for the year the amount determined by the formula A × B × C ÷ D − E where A is the qualified CCUS expenditure in respect of the property; B is the appropriate specified percentage; C is the amount, not exceeding the amount determined for D, equal to if the property is disposed of to a person who deals at arm’s length with the taxpayer, the proceeds of disposition of the property, or if the property is disposed of to a person who does not deal at arm’s length with the taxpayer, or is exported from Canada, the fair market value of the property; D is the taxpayer’s capital cost of the property; and E is the total of all amounts, each of which can reasonably be considered to be the portion of any amount previously paid by the taxpayer because of subsection (5) in respect of the property, to the extent that the amount did not reduce the tax payable by the taxpayer under this subsection in a preceding taxation year.
2024-06-20 to 2026-03-26 View Source

Except where subsection (11) applies, if at any time in a particular taxation year during the total project review period of a CCUS project a taxpayer disposes of or removes from Canada a property for which the taxpayer’s qualified CCUS expenditure resulted in the determination of a CCUS refurbishment tax credit for the year or a previous taxation year, then there shall be added to the tax otherwise payable by the taxpayer under this Part for the year the amount determined by the formula A × B × C ÷ D − E where A is the qualified CCUS expenditure in respect of the property; B is the appropriate specified percentage; C is the amount, not exceeding the amount determined for D, equal to if the property is disposed of to a person who deals at arm’s length with the taxpayer, the proceeds of disposition of the property, or if the property is disposed of to a person who does not deal at arm’s length with the taxpayer, or is exported from Canada, the fair market value of the property; D is the taxpayer’s capital cost of the property; and E is the total of all amounts, each of which can reasonably be considered to be the portion of any amount previously paid by the taxpayer because of subsection (5) in respect of the property, to the extent that the amount did not reduce the tax payable by the taxpayer under this subsection in a preceding taxation year.