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  1. Frontier Lands Petroleum Royalty Regulations - SOR/92-26 (Section 2)
    Frontier Lands Petroleum Royalty Regulations
    •  (1) In these Regulations,

      gross revenues

      gross revenues of an interest holder of a production licence from petroleum produced from project lands means the gross revenues of the interest holder as determined in accordance with Schedule II; (revenus bruts)

      inflation index

      inflation index means the monthly Consumer Price Indexas published by Statistics Canada under the authority of the Statistics Act; (indice d’inflation)

      investment royalty credit

      investment royalty credit of an interest holder means twenty-five per cent of that portion of the qualified frontier exploration expenses claimed by the interest holder as Canadian exploration expenses under the Income Tax Act, as amended from time to time, and certified by the Minister pursuant to subsection 10(3); (crédit de redevance à l’investissement)

      long-term government bond rate

      long-term government bond rate in respect of any month means the average percentage yield, during the calendar year immediately preceding the calendar year in which that month falls, of securities issued by the Government of Canada maturing in over ten years, as published by the Bank of Canada in the Bank of Canada Review; (taux des obligations à long terme du gouvernement)

      non-qualifying expense

      non-qualifying expense means an expense

      • (a) that is a Canadian exploration and development overhead expense within the meaning of section 1206 of the Income Tax Regulations, as amended from time to time, or

      • (b) in respect of which a reimbursement, compensation or other payment is made, including any amount of assistance or benefit from a government, municipality or other public authority, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit; (frais non admissibles)

    • [...]

    • (3) Subject to subsection (4), for the purposes of these Regulations, the provisions of the Income Tax Act, as amended from time to time, apply, with such modifications as the circumstances require, in respect of the determination of whether or not a person is dealing at arm’s length with another person.

    [...]


  2. Frontier Lands Petroleum Royalty Regulations - SOR/92-26 (SCHEDULE I : Allowed Project Costs)
    Frontier Lands Petroleum Royalty Regulations

    [...]

    • 1 (1) Subject to sections 2 to 5, allowed capital costs of a project are costs or expenses that are reasonably related to the project and that are

      • [...]

      • (m) expressly incurred as a cost under paragraph (i) or (k) but, for economic, environmental or logistical reasons, is for production infrastructure that is not located on project lands.

    2 Subject to section 4, the following are not allowed capital costs or allowed operating costs of a project:

    • (a) the part of a cost that is subject to reimbursement, compensation or other payment, including any amount of assistance or benefit from a government, municipality or other public authority, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit where, at the time the cost is incurred, the interest holder who incurs the cost has received or has an absolute right to receive that payment;

    • (b) an amount on account of interest, including an amount or expense described in paragraph 20(1)(c), (d) or (e) of the Income Tax Act, as amended from time to time;

    • [...]

    • (j) a tax imposed under Part IX of the Excise Tax Act, as amended from time to time;

    [...]

    • [...]

    • (2) If the amount by which the allowed capital costs or the allowed operating costs are reduced under paragraph (1)(a) or (b), as the case may be, exceeds the amount of those costs in that month, the difference shall be considered to be the allowed capital costs or allowed operating costs, as the case may be, expressed as a negative value.

    [...]


  3. Frontier Lands Petroleum Royalty Regulations - SOR/92-26 (SCHEDULE II : Determination of Revenues and Allowances)
    Frontier Lands Petroleum Royalty Regulations

    [...]

    Interpretation

    1 The following definitions apply in this Schedule.

    depreciable assets

    depreciable assets means property in respect of which capital cost allowances may be deducted under the Income Tax Act, as amended from time to time. (bien amortissable)

    Determination of Gross Revenues
    • [...]

    • (2) The gross revenues of an interest holder from petroleum produced from project lands are equal to the revenues calculated under subsection (1), less the sum, not exceeding 95% of those revenues, of any allowances for that petroleum as determined in accordance with sections 4 and 5.

    [...]

    Gas Processing Allowance

    [...]

    Transportation Allowance

    [...]

    Facility Allowance
    • 6 (1) Subject to subsection (2), the facility allowance for any month shall be equal to the result obtained from the following formula:

      A + B + C - D

      where

      A 
      is 110% of the facility operating costs as described in section 7 for the month;

    [...]

    • [...]

    • (2) Subject to subsection (4), the following are not facility operating costs:

      • (a) the part of a cost subject to reimbursement, compensation or other payment, including any amount of assistance or benefit from a government, municipality or other public authority, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit where, at the time the cost is incurred, the interest holder who incurs the cost has received or has an absolute right to receive the payment;

      • (b) an amount on account of interest, including an amount or expense described in paragraph 20(1)(c), (d) or (e) of the Income Tax Act, as amended from time to time;

      • [...]

      • (i) a tax imposed under Part IX of the Excise Tax Act, as amended from time to time; or

    [...]


  4. Frontier Lands Petroleum Royalty Regulations - SOR/92-26 (Section 6.1)
    Frontier Lands Petroleum Royalty Regulations
    • [...]

    • (4) Any amounts remaining in a trust when the certification of that trust expires under subsection 7(3) shall be treated as a withdrawal.

    • (5) If an interest holder (in this section referred to as the predecessor ) sells an interest or a share of an interest in relation to a project to another person (in this section referred to as the successor ), the predecessor may transfer a portion of its contribution deferral balance for that project to the successor, in respect of the same project, equal to the lesser of

      [...]

    • (6) The amount determined in subsection (5) will not be considered to be a withdrawal of the predecessor and the contribution deferral balance shall be considered as if it had been made by the successor.

    [...]


  5. Frontier Lands Petroleum Royalty Regulations - SOR/92-26 (Section 8)
    Frontier Lands Petroleum Royalty Regulations
    •  (1) If a person (in this section referred to as the successor ) acquires, by purchase or otherwise, from an interest holder (in this section referred to as the predecessor ) a share in an interest in relation to a project that has not reached the month of payout, the successor’s cumulative costs in relation to that share in respect of the month of acquisition are, subject to subsection (3), an amount equal to the product of

      [...]

    • [...]

    • (3) If the amount calculated under subsection (1) or (5) exceeds the cost of the acquisition, the successor’s cumulative costs or allowed capital costs, as the case may be, in a share in an interest in relation to that project in respect of that month are the cost of the acquisition.

    [...]



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