Income Tax Regulations (C.R.C., c. 945)

Regulations are current to 2015-07-09 and last amended on 2015-07-01. Previous Versions

SCHEDULE IV(Sections 1100 and 1101)CAPITAL COST ALLOWANCES, CLASS 15

  • 1. For the purposes of paragraph 1100(1)(f), the amount that may be deducted in computing the income of a taxpayer for a taxation year in respect of property described in Class 15 in Schedule II is the lesser of

    • (a) an amount computed on the basis of a rate per cord, board foot or cubic metre cut in the taxation year; and

    • (b) the undepreciated capital cost to the taxpayer as of the end of the taxation year (before making any deduction under section 1100 for the taxation year) of property of that class.

  • 2. Where all the property of the class is used in connection with one timber limit or section thereof, the rate per cord, board foot or cubic metre is the amount determined by dividing

    • (a) the undepreciated capital cost to the taxpayer as of the end of the taxation year (before making any deduction under section 1100 for the taxation year) of the property

    by

    • (b) the number of cords, board feet or cubic metres of timber in the limit or section thereof as of the commencement of the taxation year, obtained by deducting the quantity cut up to that time from the amount shown by the latest cruise.

  • 3. Where a part of the property of the class is used in connection with one timber limit or a section thereof and a part is used in connection with another limit or section thereof, a separate rate shall be computed for each part of the property, in the manner provided in section 2 of this Schedule, as though each part of the property were the taxpayer’s only property of that class.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/86-1092, s. 22(F);
  • SOR/94-140, ss. 30, 31.