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

4604. (1) For the purposes of paragraphs (a) and (c) of the definition “approved project property” in subsection 127(9) of the Act, property is a prescribed building if it is depreciable property of the taxpayer that is a building or grain elevator, erected on land owned or leased by the taxpayer,

• (a) that is included in Class 1, 3, 6, 24, 27 or 37 or paragraph (c), (d) or (e) of Class 8 in Schedule II; or

• (b) that is included or would, but for Class 28 or Class 41 in Schedule II, be included in paragraph (g) of Class 10 in Schedule II.

(2) For the purposes of paragraphs (b) and (d) of the definition “approved project property” in subsection 127(9) of the Act, property is prescribed machinery and equipment if it is depreciable property of the taxpayer (other than property referred to in subsection (1)) that is

• (a) a property included in paragraph (k) of Class 1 or paragraph (a) of Class 2 in Schedule II;

• (b) an oil or water storage tank;

• (c) a property included in Class 8 in Schedule II (other than railway rolling stock);

• (d) subject to paragraph (e), a property included in paragraph (a) of Class 10 or Class 22 or 38 in Schedule II (other than a car or truck designed for use on highways or streets);

• (e) a logging truck acquired to be used in the activity of logging and having a weight, including the weight of property the capital cost of which is included in the capital cost of the truck at the time of its acquisition (but for greater certainty not including the weight of fuel), in excess of 16,000 pounds;

• (f) a property included in any of paragraphs (b) to (f), (h) to (k), (o), (q), (r), (t) or (u) of Class 10 in Schedule II;

• (g) a property included in paragraph (n) of Class 10, or Class 15, in Schedule II (other than a roadway);

• (h) a property included in any of paragraphs (a) to (f) of Class 9 in Schedule II;

• (i) a property included in Class 28 or 41 in Schedule II that would, but for that classes, be included in paragraph (k) or (r) of Class 10 in Schedule II;

• (j) a property included in any of Classes 21, 24, 27, 29, 34, 39, 40 and 43 in Schedule II;

• (k) a property included in Class 37 in Schedule II; or

• (l) a vessel (other than a supply boat, workboat, drilling rig, workover rig or shuttle tanker), including the furniture, fittings and equipment attached thereto, that is used primarily for

  • (i) heavy-lifting or pipe-laying in the construction of, or

  • (ii) the provision of lodging services in the servicing of,

  an installation, structure, apparatus or artificial island that is used for offshore hydrocarbon exploration or exploitation.