Definition(s)
Canadian Development Expense
“Canadian development expense” has the meaning assigned by paragraph 66.2(5)(a) of the Income Tax Act, except that
- there shall be excluded from that meaning any Canadian exploration and development overhead expense, and
- all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to his Canadian development expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; frais d’aménagement au Canada.
Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. Legislation