Income Tax Regulations

1211 The following amounts are hereby prescribed for the purposes of paragraphs 12(1)(o) and 18(1)(m) of the Act:

• (a) an amount paid to, an amount that became payable to, or an amount that became receivable by

  • (i) Her Majesty in right of Canada for the use and benefit of a band or bands as defined in the Indian Act, or

  • (ii) Petro-Canada Limited;

• (b) an amount paid to, an amount that became payable to, or an amount that became receivable by any of the persons referred to in any of subparagraphs 18(1)(m)(i) to (iii) of the Act

  • (i) that is an amount that may reasonably be regarded as being in respect of a rental for any property described in clause 66(15)(c)(ii)(B) or subparagraph 66(15)(c)(vi) of the Act,

  • (ii) that was paid, became payable, or became receivable prior to the commencement of production of minerals from the property referred to in subparagraph (i) in reasonable commercial quantities, and

  • (iii) that was paid, became payable, or became receivable, after December 11, 1979, in respect of a period commencing after that date;

• (c) an amount paid to, an amount that became payable to, or an amount that became receivable by any of the persons referred to in any of subparagraphs 18(1)(m)(i) to (iii) of the Act

  • (i) that may reasonably be regarded as being in respect of a rental for a right, licence or privilege to store underground petroleum, natural gas or other related hydrocarbons in Canada, and

  • (ii) that was paid, became payable, or became receivable, after December 11, 1979, in respect of a period commencing after that date;

• (d) an amount equal to the lesser of

  • (i) an amount that

    • (A) became payable to or receivable by any of the persons referred to in any of subparagraphs 18(1)(m)(i) to (iii) of the Act as a rental for property described in subparagraph 66(15)(c)(i) of the Act or for a portion of such property, and

    • (B) became payable or receivable

      • (I) in a taxation year in which there was no taking of petroleum, natural gas or related hydrocarbons in relation to the property or portion thereof, as the case may be, to which the rental relates, if the amount became payable or receivable after 1984, or

      • (II) prior to the taking of petroleum, natural gas or related hydrocarbons in relation to the property or portion thereof, as the case may be, to which the rental relates, if the amount became payable or receivable after October 31, 1982 and before 1985, and

  • (ii) an amount equal to $2.50 per year per hectare times the number of hectares to which the amount referred to in subparagraph (i) relates; and

• (e) an amount paid under section 49 of the Canada Oil and Gas Act.