Resource Expense definition
Resource Expense means an expense which is a CEE that will qualify as a Flow-Through Mining Expenditure which is incurred after the Closing Date and on or before December 31, 2011 which may be renounced by the Company pursuant to subsections 66(12.6) and 66(12.66) of the Tax Act with an effective date not later than December 31, 2010 and in respect of which, but for the renunciation, the Company would be entitled to a deduction from income for income tax purposes;
Resource Expense means an expense (1) which qualifies as CEE, (2) which qualifies as a Flow-Through Mining Expenditure, (3) which qualifies as a BC Flow-Through Mining Expenditure and (4) which is incurred (or is deemed to be incurred) on or after the Closing Date and on or before the Termination Date, that will be renounced by the Company pursuant to subsection 66(12.6) of the Tax Act, in conjunction with subsection 66(12.66) of the Tax Act, as necessary, with an effective date not later than December 31, 2020 and in respect of which, but for the renunciation, the Company would be entitled to a deduction from income for income tax purposes;
Resource Expense means an outlay or expense incurred by a Person which is reasonably attributable to the person's acquisition of an interest in a licence or permit or the exploration, development and Production of petroleum in The Gambia with respect to a particular licence or permit, including excess operating costs, rentals paid or payable to the Government and a reasonable amount of any general administration and management or interest expense (excluding interest paid to any Affiliate) incurred for the purpose of exploration, development and production of petroleum in The Gambia with respect to the licence, but does not include-
Examples of Resource Expense in a sentence
The Corporation shall not be subject to the provisions of subsection 66(12.67) of the Tax Act in a manner which impairs its ability to renounce Resource Expense to the Purchaser in an aggregate amount equal to the Commitment Amount.
The Corporation shall not be subject to the ------------------- provisions of subsection 66(12.67) of the Tax Act in a manner which impairs its ability to renounce Resource Expense to the Subscriber in an amount equal to the Commitment Amount.
The Company shall not be subject to the provisions of subsection 66(12.67) of the Tax Act in a manner which impairs its ability to renounce Resource Expense to the Subscriber in an amount equal to the Commitment Amount.
The cumulative Resource Expense shall be calculated accordingly for any amounts received or receivable by the Licensee or the assignor pursuant to the Tax Schedule.
Income tax paid by the Licensee pursuant to the Income Tax Act shall not constitute a Resource Expense, a Direct Operating Cost or otherwise be deductible for the purposes of calculating the Licensee‟s Net Income from Petroleum Operations pursuant to the Income Tax Act.
More Definitions of Resource Expense
Resource Expense means an expense that:
Resource Expense means expenses which are CEE, at least 90% of which shall also qualify as Flow-Through Mining Expenditures and Eligible Ontario Exploration Expenditures, and that are incurred (or deemed to be incurred) during the Expenditure Period which may be renounced by the Company pursuant to subsections 66(12.6) or (12.66) of the Tax Act with an effective date not later than December 31, 2020 and in respect of which, but for the renunciation, the Company would be entitled to a deduction from income for income tax purposes.
Resource Expense means an expense which is (i) CEE, (ii) qualifies as a Flow-Through Mining Expenditure and (iii) qualifies as a "BC flow-through mining expenditure" as defined in section 4.721 of the Income Tax Act (British Columbia) with respect to Private Placement Subscribers who are qualifying individuals under the Income Tax Act (British Columbia), which will allow such Private Placement Subscribers to claim a 20% BC mining flow-through share tax credit;
Resource Expense means an expense which is CEE incurred by the Company during the Expenditure Period, which qualifies as a Flow-Through Mining Expenditure, which has not been previously renounced by the Company to any Person, which may, provided that the applicable FT Purchaser (and if the applicable FT Purchaser is a partnership, each partner thereof) deals with the Company on an arm’s length basis for the purposes of the Tax Act at all relevant times, be renounced by the Company pursuant to subsection 66(12.6) of the Tax Act (in conjunction with subsection 66(12.66) of the Tax Act) with an effective date not later than December 31, 2019 and in respect of which, but for the renunciation, the Company would be entitled to a deduction from income for income tax purposes;
Resource Expense means an expense (i) which qualifies as CEE, (ii) which qualifies as a Flow-Through Critical Mineral Mining Expenditure, and (iii) which is incurred (or is deemed to be incurred) on or after the Closing Date and on or before the Termination Date, that will be renounced by the Company pursuant to subsection 66(12.6) of the Tax Act, in conjunction with subsection 66(12.66) of the Tax Act, as necessary, with an effective date not later than December 31, 2022 and in respect of which, but for the renunciation, the Company would be entitled to a deduction from income for income tax purposes (if it had sufficient income), and on the date it is renounced is, for a Québec FT Purchaser or, where the FT Purchaser is a partnership, for the members of the partnership that are Québec FT Purchasers, to the extent of their respective shares of the Resource Expenses so renounced, (i) ▇▇▇ ▇▇▇▇▇▇▇▇ in Québec Eligible for an Additional Deduction, and (ii) Surface Mining CEE Incurred in Québec Eligible for an Additional Deduction;
Resource Expense means an expense which (i) is CEE, and (ii) once renounced to a FT Purchaser, is eligible to be constituted as a Critical Mineral Mining Expenditure, which has not been previously renounced by the Corporation to any Person, which may, provided that the applicable FT Purchaser (and if the applicable FT Purchaser is a partnership, each partner thereof) deals with the Corporation on an arm’s length basis for the purposes of the Tax Act at all relevant times, be renounced by the Corporation pursuant to subsection 66(12.6) of the Tax Act (in conjunction with subsection 66(12.66) of the Tax Act) with an effective date not later than December 31, 2024 and in respect of which, but for the renunciation, the Corporation would be entitled to a deduction from income for income tax purposes;
Resource Expense means an expense which (i) is incurred (or deemed to be incurred) by the Company during the First Tranche CDE Expenditure Period, the Second Tranche CDE Expenditure Period, and/or the Third Tranche CDE Expenditure Period, as applicable; (ii) qualifies as CDE and ACDE incurred during the First Tranche CDE Expenditure Period, the Second Tranche CDE Expenditure Period, or the Third Tranche CDE Expenditure Period, as applicable, which may be renounced by the Company pursuant to subsection 66(12.62) of the Tax Act with an effective date not later than March 31, 2025, September 30, 2025, or December 31, 2025, as applicable, and in respect of which, but for the renunciation, the Company would be entitled to a deduction from income for income tax purposes; (v) “Second Tranche CDE Aggregate Commitment Amount” means the amount of C$8,200,000; (w) “Second Tranche CDE Commitment Amount” means, in respect of each Subscriber, such Subscriber’s portion (determined pro rata by number of FT Shares subscribed for) of the Second Tranche CDE Aggregate Commitment Amount, being an amount equal to the Second Tranche CDE Aggregate Commitment Amount multiplied by a fraction, the numerator of which is the number of FT Shares subscribed for by the Subscriber hereunder and the denominator of which is 890,000; (x) “Second Tranche CDE Expenditure Period” means the period commencing on the date of acceptance of this Subscription Agreement and ending on the earlier of: i. the date on which the Second Tranche CDE Aggregate Commitment Amount (in addition to the First Tranche CDE Aggregate Commitment Amount) has been fully expended in accordance with the terms hereof; and ii. the Second Tranche CDE Termination Date. (y) “Second Tranche CDE Termination Date” means September 30, 2025; (z) “Selling Provinces” means, collectively, each of the provinces of Canada, except for Québec; (aa) “Subscribers” means, collectively, each of those persons listed in Exhibit A attached hereto and, if applicable, includes each beneficial purchaser for whom any such person is acting if any such person is not purchasing the FT Shares as principal; (bb) “Tax Act” means the Income Tax Act (Canada) and the regulations thereunder, as amended, reenacted or replaced from time to time, including all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof and assumes that all such tax proposals will be enacted in the form proposed;