21 March 2006 External T.I. 2005-0158451E5 F - Québec Mining Duties Act - Credit for Losses -- summary under Paragraph 66(12.6)(a)

S. 32 of the Quebec Mining Duties Act (MDA) provided a credit to an operator equal generally to an amount not exceeding 12% of the lesser of (i) its annual loss (excluding the portion thereof attributable to ore processing activities) and (ii) the amount by which the expenses in respect of exploration, mineral deposit evaluation and mine development work, incurred by the operator for the fiscal period in connection with the mining operation, exceeds the amount of government assistance that the operator received or was entitled to receive relating to those expenses.

After finding that this credit was not required to be included in income under s. 12(1)(x.2), CRA went on to state:

[P]aragraph 66(12.6)(a) should not apply to an amount that a corporation has received, is entitled to receive, or may reasonably expect to receive as an RDCL at a particular time, since it would not be reasonable to relate that amount as an RDCL to CEE incurred or to related Canadian exploration activities. That is because the RDCL amount would be too remote from the CEE incurred or related Canadian exploration activities and therefore would not be sufficiently directly related to such CEE and activities to come within paragraph 66(12.6)(a).

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