Examples of Québec Tax Act in a sentence
The above conditions are not applicable to term deposits placed as margins for trading in cash and derivative market.
If the Company and the Flow-Through Investors comply with the rules under the Act and the Québec Tax Act, the Flow-Through Investors will be entitled to deduct the amount equal to the Qualifying Expenditures renounced in computing income for Canadian income tax purposes and receive additional investment tax credits in respect of such Qualifying Expenditures made pursuant to a certified exploration plan primarily targeting specified critical minerals in the Act.
Upon the Corporation becoming aware of the fact that an amount purportedly renounced pursuant to the Subscription Agreement exceeds the amount that it is entitled to renounce under the Tax Act, the Corporation will notify the Purchaser and comply with subsection 66(12.73) of the Tax Act and section 359.15 of the Québec Tax Act, including the filing with the CRA and, where applicable, Québec Revenue Agency, of the statements contemplated therein, a copy of which will be sent concurrently to the Purchaser.
The amount of the Commitment Amount paid by the Purchasers of Flow-Through Shares will be included in (i) “the exploration base relating to certain Québec surface mining exploration expenses or oil and gas exploration expenses”, as such term is defined in section 726.4.17.2 of the Québec Tax Act; and (ii) the “exploration base relating to certain Québec exploration expenses”, as such term is defined in section 726.4.10 of the Québec Tax Act.
The Shares issued pursuant to this Prospectus will qualify as ‘flow-through shares’ as defined in the Income Tax Act (Canada) (Act) and Taxation Act (Québec) (Québec Tax Act).
The Corporation is and will continue to be both a “development corporation” as defined in section 363 of the Québec Tax Act, and a “qualified corporation” as defined in section 726.4.15 and 726.4.17.7 of the Québec Tax Act until such time as all of the Resource Expenses required to be renounced under this Agreement and the Subscription Agreements have been incurred and validly renounced pursuant to the Tax Act.
The Corporation is and at all relevant times will be a “principal-business corporation” as defined in subsection 66(15) of the Act and a “development corporation” as such term is defined in section 363 of the Québec Tax Act and will continue to be a “principal-business corporation” and “development corporation” until such time as all of the Qualifying Expenses required to be renounced under the Subscription Agreements have been incurred and validly renounced pursuant to the Tax Act and the Québec Tax Act.
Unless required to do so pursuant to subsection 66(12.73) of the Tax Act and section 359.15 of the Québec Tax Act, the Corporation shall not reduce the amount renounced to the Purchasers pursuant to subsection 66(12.6) of the Tax Act.
The FT Unit Shares partially comprising the Resale Units will only qualify as “flow-through shares” for purposes of the Tax Act and the Québec Tax Act for the original subscriber and will not qualify as “flow-through shares” for a registered charity or subsequent purchaser and consequently the Corporation will only renounce CEE to the original subscriber of the Resale Units.
The Corporation is a “qualified corporation” as such term is defined in sections 726.4.15 and 726.4.17.7 of the Québec Tax Act and will continue to be a “qualified corporation” until such time as all the Qualifying Expenses required to be renounced under the Subscription Agreements have been incurred and validly renounced pursuant to the Québec Tax Act.