Non-portfolio property
Includes Canadian resource properties, Canadian real property,
and shares or securities of another entity that have a value in
excess of 10% of the value of the subject entity.
Non-qualifying active
business income
Active business income earned in a non-treaty or non-TIEA
country.
Oil and gas property
Includes any right, licence, or privilege to take petroleum, natural
gas, or related hydrocarbons; rental or royalty interests in an oil
or gas well; and any land that derives its principal value from its
petroleum or natural gas content.
Original owner
The person who incurred resource expenses that a successor
may deduct in accordance with the successor corporation rules.
Partnership
A business carried on in common with a view to profit by the
members of the partnership.
Person
An individual, a trust, or a corporation. A partnership is not a
person for the purposes of the ITA except where expressly
provided. A joint venture is not a person for tax purposes.
Pertinent loan or
indebtedness
See discussion on page 41.
Pre-acquisition surplus
See discussion on page 38.
Predecessor owner
A person who acquires properties from an original owner and
transfers them to a successor in accordance with the successor
corporation rules.
Pre-production mining
expenditure
Canadian exploration expenses incurred on a mineral deposit
from which the principal mineral to be extracted is diamonds,
base metals, or precious metals.
Principal-business
corporation
A corporation whose principal business includes:
• mining or exploring for minerals;
• processing mineral ores for the purposes of recovering
metals therefrom;
• the production, refining or marketing of petroleum,
petroleum products or natural gas; or
• exploring or drilling for petroleum or natural gas; and
all or substantially all of the assets of which are shares of the
capital stock or indebtedness of one or more other corporations
that are related to the corporation and whose principal business
is described in the foregoing items.
A principal-business corporation may be a Canadian corporation
or a foreign corporation.
Qualifying CEE and
qualifying CDE
Canadian exploration expense and Canadian development
expense that may be renounced in accordance with the
flow-through share rules.
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Glossary
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