Examples of Québec Class in a sentence
The Agents’ fees payable in connection with the sale of Québec Class Units will be paid from the proceeds from the sale of Québec Class Units and will not form part of the Available Funds of the Québec Portfolio.
It is assumed that for Québec provincial tax purposes only, a Québec Class Limited Partner who is an individual (including a personal trust) has investment income that exceeds his or her investment expenses for a given year.
The calculations in the second tables (in each of Tables 5-6 above) assume that 50% of the Available Funds under the Québec Class Units are eligible for both the additional 10% deduction in respect of certain CEE and the additional 10% deduction in respect of certain surface mining exploration expenses.
For these purposes, investment expenses include certain interest, losses of the Québec Class Limited Partner and 50% of CEE incurred outside Québec and deducted for Québec tax purposes by such Québec Class Limited Partner.
There will be no closing of the National Class Units unless a minimum of 100,000 National Class Units are sold, provided that this minimum will be increased to 200,000 National Class Units in the event that the minimum offering for the Québec Class Units is not achieved.
The calculations assume that only Class A Units are issued, and that a minimum Offering consists of either all National Class Units, all British Columbia Class Units or all Québec Class Units.
Accordingly, up to 50% of CEE renounced to the Partnership and allocated to, and deducted for Québec tax purposes, by such Québec Class Limited Partner, other than CEE incurred in Québec, may be included in the Québec Class Limited Partner’s income for Québec tax purposes if such Québec Class Limited Partner has insufficient investment income, thereby offsetting such deduction.
For these purposes, investment expenses include certain deductible interest and losses, such as losses of the Partnership allocated to a Québec Class Limited Partner who is an individual (including a personal trust) and 50% of CEE renounced to the Partnership and allocated to, and deducted for Québec tax purposes, by such Québec Class Limited Partner, other than CEE incurred in Québec, and investment income includes taxable capital gains not eligible for the lifetime capital gains exemption.
Any amount so claimed will reduce the balance of the Expenditure Account of the Québec Class Limited Partner, while any new deduction in respect of CEE incurred in the Province of Québec that gives rise to the additional 10% deduction for Québec income tax purposes will increase it.
An amount equal to 2.25% of the Gross Proceeds will, in the case of the National Portfolio, be borrowed under the National Portfolio Loan Facility and, in the case of the Québec Portfolio, be set aside from the proceeds from the sale of Québec Class Units, as an Operating Reserve to fund the ongoing estimated general administrative and operating expenses of the Partnership (including the National Portfolio’s share of the General Partner’s Fee).