,CANADA ,CU/OMS                       #A
& ,REV5UE ,AG5CY

              ,9COME ,TAX
          ,9T]PRET,N ,BULLET9
    
,SUBJECT3 ,,9COME ,,TAX ,,ACT
  ,4POSI;NS ( ,RES\RCE ,PROP]TIES
,NUMB]3 ,,IT-#ABE;,R#D
,DATE3 ,APRIL #BA1 #AIIE
,REF];E3 ,SEC;N #EI.A1 SUBSEC;NS
  #EI7#A71 #FF.B7#A71 #FF.B7#F71
  #FF.D7#F71 #GJ7#E.B7 & P>AGRAPH
  #EI7#C.B77C7 7AL SUBSEC;NS #DD7#B71
  #EI7#E71 #FF7#AB.A71 #FF7#AB.B71
  #FF7#AB.C71 #FF7#AB.E71 #FF.B7#G71
  #FF.D7#E7 & 7#G71 #HG7#A.B71 #HH7#A.E7
  & #AEI7#E71 P>AGRAPHS #FI7#A77B71
  #GJ7#F77B71 #AAE7#D77A7 & 7B71
  SUBP>AGRAPHS #CI7#A77A77;II7 &
  7;II4#A7 &! DEF9I;NS ( 84POSI;N0 &
  8PROCE$S ( 4POSI;N0 9 SEC;N #ED1
  8,CANADIAN RES\RCE PROP]TY0 & 8=EIGN
  RES\RCE PROP]TY0 9 SUBSEC;N #FF7#AE71
  8CUMULATIVE ,CANADIAN DEVELOP;T     #A
             ,,IT-#ABE;,R#D          A#A
  EXP5SE0 9 SUBSEC;N #FF.B7#E71
  8CUMULATIVE ,CANADIAN OIL & GAS
  PROP]TY EXP5SE0 9 SUBSEC;N #FF.D7#E7 &
  8M9]AL RES\RCE10 8M9]AL0 & 8OIL OR GAS
  WELL0 9 SUBSEC;N #BDH7#A7 (! ,9COME
  ,TAX ,ACT7

               ,APPLIC,N
    
  ,? BULLET9 C.ELS & REPLACES ,9T]PRET,N
,BULLET9S ,,IT-#ABE;,R#C DAT$ ,JUNE #AC1
#AIHC1 & ,,IT-#CBI;,R1 ,9COME ( ,DEC1S$
,P]SONS--,RES\RCE ,PROP]TIES1 DAT$
,SEPTEMB] #BF1 #AIHC4

                ,SUMM>Y
    
  ,? BULLET9 4CUSSES ! TAX 3SEQU;ES (
4POS+ (A ,CANADIAN RES\RCE PROP]TY OR A
=EIGN RES\RCE PROP]TY 78RES\RCE
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4POSI;NS1 4POSI;NS "U 8F>M-\0 TRANSAC;NS
& DEEM$ 4POSI;NS ( RES\RCE PROP]TIES ON
! D1? (A TAXPAY]4 ,^! RULES APPLY     #B
             ,,IT-#ABE;,R#D          B#A
64POSI;NS ( RES\RCE PROP]TIES 0ANY
TAXPAY] O!R ?AN A D1L] 9 RES\RCE
PROP]TIES 7"U SUBSEC;N #FF7#E77 OR A
PROSPECTOR OR GRUB/AK] :O RCVS A %>E 9 !
CAPITAL /OCK (A CORPOR,N 7"U SEC;N #CE74
,4POSI;NS ( RES\RCE PROP]TIES 9VOLV+
SU3ESSOR CORPOR,NS >E N D1LT ) 9 ?
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          ,4CUS.N & ,9T]PRET,N
               ,DEF9I;NS
    
#A4 ,CANADIAN RES\RCE PROP]TY IS DEF9$ 9
  SUBSEC;N #FF7#AE7 Z ANY PROP]TY (!
  TAXPAY] T IS3
  7A7 ANY "R1 LIC;E OR PRIVILEGE
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    PETROLEUM1 NATURAL GAS OR RELAT$
    HYDROC>BONS 9 ,CANADA2
  7B7 ANY "R1 LIC;E OR PRIVILEGE TO3
    7;I7 /ORE "UGR.D PETROLEUM1 NATURAL
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      ,CANADA2 OR
                                      #C
             ,,IT-#ABE;,R#D          C#A
    7;II7 PROSPECT1 EXPLORE1 DRILL OR
      M9E = M9]ALS 9 A M9]AL RES\RCE 9
      ,CANADA2
  7C7 ANY OIL OR GAS WELL 9 ,CANADA OR
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    3NEC;N )! EXTRAC;N OR REMOVAL (
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  7D7 ANY R5TAL OR ROYALTY -PUT$ 0REF];E
    6! AM.T OR VALUE ( PRODUC;N F AN OIL
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    A3UMUL,N ( PETROLEUM OR NATURAL GAS
    9 ,CANADA2
  7E7 ANY R5TAL OR ROYALTY -PUT$ 0REF];E
    6! AM.T OR VALUE ( PRODUC;N F A
    M9]AL RES\RCE 9 ,CANADA2
  7F7 ANY R1L PROP]TY 9 ,CANADA !
    PR9CIPAL VALUE ( : DEP5DS ^U XS
    M9]AL RES\RCE 3T5T 7B N 9CLUD+ ANY
    DEPRECIA# PROP]TY US$ OR 6BE US$ 9
    3NEC;N )! EXTRAC;N OR REMOVAL (
    M9]ALS "!FROM72 OR                #D
             ,,IT-#ABE;,R#D          D#A
  7G7 ANY "R 6OR 9T]E/ 9 ANY PROP]TY
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    ?AN S* A "R OR 9T]E/ T ! TAXPAY] HAS
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  .,=EIGN .RES\RCE .PROP]TY IS DEF9$ 9
  SUBSEC;N #FF7#AE7 Z A PROP]TY \TSIDE
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  PROP]TY IF X 7 LOCAT$ 9 ,CANADA4

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  SUBSEC;N #BDH7#A7 & M1NS ANY WELL 7O!R
  ?AN AN EXPLORATORY PROBE OR A WELL
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  A3UMUL,N ( PETROLEUM OR NATURAL GAS4

  .,M9]AL .RES\RCE IS DEF9$ 9 SUBSEC;N
  #BDH7#A7 & M1NS3
  7A7 A BASE OR PRECI\S METAL DEPOSIT2
  7B7 A COAL DEPOSIT2
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    DEPOSIT OR OIL %ALE DEPOSIT2 OR   #E
             ,,IT-#ABE;,R#D          E#A
  7D7 A M9]AL DEPOSIT 9 RESPECT ( :3
    7;I7 ! ,M9I/] ( ,5]GY1 ,M9ES &
      ,RES\RCES HAS C]TIFI$ T ! PR9CIPAL
      M9]AL EXTRACT$ IS AN 9DU/RIAL
      M9]AL 3TA9$ 9 A NON-B$D$ DEPOSIT2
--------------------------------------#B
    7;II7 ! PR9CIPAL M9]AL EXTRACT$ IS
      CALCIUM *LORIDE1 DIAMOND1 GYPSUM1
      HALITE1 KAOL9 OR SYLVITE2 OR
    7;III7 ! PR9CIPAL M9]AL EXTRACT$ IS
      SILICA T IS EXTRACT$ F S&/"O OR
      QU>TZITE4
  .,M9]AL1 DEF9$ 9 SUBSEC;N #BDH7#A71
  9CLUDES BITUM9\S S&S1 CALCIUM *LORIDE1
  COAL1 KAOL91 OIL S&S1 OIL %ALE &
  SILICA1 B DOES N 9CLUDE PETROLEUM1
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  EXPRESSLY REF]R$ 6IN ? DEF9I;N4
  .,4POSI;N & .PROCE$S .( .4POSI;N1 BO?
  DEF9$ 9 SEC;N #ED1 >E AL US$ 9 ! 3TEXT
  ( 4POSI;NS ( RES\RCE PROP]TIES1 "U
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  T]MS1 "!=E1 H ! SAME M1N+ = 4POSI;NS (
  RES\RCE PROP]TIES Z !Y D =          #F
             ,,IT-#ABE;,R#D          A#B
  CAPITAL GA9S PURPOSES4 ,H["E1 4POSI;NS
  ( RES\RCE PROP]TIES >E SPECIFIC,Y
  EXCLUD$ F CAPITAL GA9S TR1T;T
  0SUBP>AGRAPHS #CI7#A77A77;II7 &
  7;II4#A74

       ,CANADIAN RES\RCE PROP]TY
    
#B4 ,! 4POSI;N (A ,CANADIAN RES\RCE
  PROP]TY DESCRIB$ 9 7B71 7E7 OR 7F7 ( T
  DEF9I;N OR ANY "R 6OR 9T]E/ 9 ANY S*
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  O!RWISE DEDUCTI# =! PURPOSES ( ,"P ;,I
  (! ,ACT 7! NET PROCE$S ( 4POSI;N74


                                      #G
             ,,IT-#ABE;,R#D          B#B
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  ,CANADIAN RES\RCE PROP]TY DESCRIB$ 9
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  2COME RECEIVA#1 ! NET PROCE$S (
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  ,CANADIAN OIL & GAS PROP]TY EXP5SE
  7,,CCOGPE71 "U ;,F (! DEF9I;N (
  ,,CCOGPE 9 SUBSEC;N #FF.D7#E74

  ,IF A CR$IT BAL.E O3URS 9 ! ,,CCOGPE 9
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  BAL.E M/ 2 9CLUD$ 9 9COME1 "U P>AGRAPH
  #EI7#C.B77C7 & SUBSEC;N #FF.B7#A74




                                      #H
         ,=EIGN RES\RCE PROP]TY      C#B
    
#C4 ,:5 A TAXPAY] 4POSES (A =EIGN
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  7SEE #D 2L71 ! NET PROCE$S ( 4POSI;N
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             ,AM.T RECEIVA#
    
#D4 ,AN AM.T 2COMES RECEIVA# :5 A
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  PETROLEUM & NATURAL GAS L1SES 9 ORD]
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  7A7 EXT5D ! "T 9 : DRILL+ M/ 2G92 OR
  7B7 KEEP ! L1SE 9 EXI/;E AF DRILL+ HAS
    2GUN B HAS BE5 HALT$4             #I
                 ,G5]AL              D#B
    
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  #FF.D 7& AL SUBSEC;N #EI7#C.C71 SEC;NS
  #FF1 #FF.A & #FF.G & SEC;N #BI (!
  ,9COME ,TAX ,APPLIC,N ,RULES74
                                     #AJ
             ,,IT-#ABE;,R#D          E#B
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  SEC;N #BI (! ,9COME ,TAX ,APPLIC,N
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  A7 A CORPOR,N & "O OR M ( XS SUBSIDI>Y
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    SUBSEC;N #HG7#A.D772 OR
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  #HG7#A.B7 _C A6ECT ! DET]M9,N ( ANY
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  TAXA# 9COME OR TAX PAYA#4


                                     #AA
               ,"PN]%IPS             F#B
    
#F4 ,IF A RES\RCE PROP]TY T IS 4POS$ (
  2L;GS 6A "PN]%IP1 SUBSEC;NS #FF.B7#F7
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  DESCRIB$ 9 #G 2L74
#G4 ,:5 A NON-RESID5T P]SON IS A MEMB]
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  EA* S* PROP]TY REDUCES T "PN]'S ,,CCDE
  7"U SUBSEC;N #FF.B7#G77
--------------------------------------#C
  OR ,,CCOGPE 7"U SUBSEC;N #FF.D7#G771 Z
  ! CASE MAY BE1 9 ! TAX,N YE> (! NON-
  RESID5T P]SON T IS DEEM$ 6H 5D$ "U
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                                     #AB
          ,9VOLUNT>Y 4POSI;NS        A#C
    
#H4 ,AN 89VOLUNT>Y 4POSI;N0 (A PROP]TY
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  EI -P5S,N = PROP]TY TAK5 "U /ATUTORY
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  6TAKE X "U /ATUTORY AU?OR;Y 0 GIV5
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  RULES = DET]M9+ ! "T AT : A TAXPAY] IS
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  62COME RECEIVA#4
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  ,CANADIAN RES\RCE PROP]TY O3URS1 A
  TAXPAY] MAY MAKE AN ELEC;N "U SEC;N
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  EXP5SES 7,,CDE7 OR ,CANADIAN OIL   #AC
             ,,IT-#ABE;,R#D          B#C
  & GAS PROP]TY EXP5SES 7,,COGPE7 9 !
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  DESIGNATES ^! EXP5DITURES "U ?
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  (FSET AG/ ! AM.T (! ELEC;N4 ,?
  DESIGN,N M/ 2 9DICAT$ 9 ! RETURN (
  9COME =! TAX,N YE> 9 : ! EXP5SE IS
  MADE OR 9CURR$4 ,IF A TAX RETURN IS
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             ,,IT-#ABE;,R#D          C#C
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             ,,IT-#ABE;,R#D          D#C
  /ATUTE B>R$ "U SUBSEC;NS #AEB7#D7 &
  7#E74
#AC4 ,P>AGRAPH #EI.A7C7 DEEMS !
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  ,,CDE OR ,,COGPE1 Z ! CASE MAY BE1
  EXCEPT =! PURPOSES ( SUBSEC;NS
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  E>N$ DEPLE;N BASE "U SEC;N #FE & ,"P
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  SUBSEC;NS #FF7#AB.A71 7#AB.B71 7#AB.C7
  & 7#AB.E71 GIVE RISE 6AN 9COME 9CLU.N4

           ,F>M-\ TRANSAC;NS
    
#AD4 ,X IS POSSI# 6H A 4POSI;N "U A F>M-
  \ TRANSAC;N T DOES N GIVE RISE
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             ,,IT-#ABE;,R#D          E#C
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  8,EQUIPP+ CO/S0 REF]S SOLELY 6EQUIP;T
  ACQUIR$ 6BE US$ AT ! WELLSITE PRIM>ILY
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  F A -PLET$ WELL 9CLUD+ A PUMP OR O!R
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  (! DEF9I;N ( 8GAS OR OIL WELL EQUIP;T0
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  ,REGUL,NS4

  8,PRODUC;N FACIL;Y0 G5],Y M1NS ANY
  FACIL;Y S]V+ OR 9T5D$ 6S]VE M      #AG
             ,,IT-#ABE;,R#D          F#C
  ?AN "O WELL4 ,? 9CLUDES ANY BATT]Y1
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  /ORAGE FACIL;Y OR W>EH\SE4

  8,UNPROV5 RES\RCE PROP]TY0 REF]S 6A
  RES\RCE PROP]TY = : PROV5 RES]VES H N
  BE5 ATTRIBUT$4 ,PROV5 RES]VES = AN OIL
  & GAS RES\RCE PROP]TY >E ! E/IMAT$
  QUANTITIES ( PETROLEUM & NATURAL GAS :
  GEOLOGICAL & 5G9E]+ DATA DEMON/RATE1 )
  R1SONA# C]TA9TY1 6BE RECOV]A# 9 !
  FUTURE "U EXI/+ ECONOMIC & OP]AT+
  3DI;NS4

      ,EXAMPLES ( F>M-\ TRANSAC;NS
    
  --,IN A SIMPLE F>M-\ TRANSAC;N1 AN [N]
    7A F>MOR7 ( AN UNPROV5 RES\RCE
    PROP]TY MAY TRANSF] A "P 9T]E/ 9 !
    PROP]TY 6ANO!R P]SON 7A F>MEE7 9
    EX*ANGE = EXPLOR,N & DEVELOP;T "W ON
    ! TRANSF]R$ PROP]TY4 ,! F>MEE
    "UTAKES 6P]=M 7& PAY =7 F>M-\    #AH
             ,,IT-#ABE;,R#D          G#C
    S]VICES ON ! PROP]TY1 9 ! =M (
    EXPLOR,N & DEVELOP;T EXP5SES4
--------------------------------------#D
  --,IN A ..TYPICAL F>M-\ .TRANSAC;N1 A
    F>MOR MAY TRANSF] 6! F>MEE ALL (!
    "W+ 9T]E/ 9 AN UNPROV5 RES\RCE
    PROP]TY 9 EX*ANGE =A P]C5TAGE
    ROYALTY 9 ! PRODUC;N F ! RES\RCE
    PROP]TY -PRIS+ OIL & GAS "RS4 ,!
    F>MEE AGREES 6PAY = EXPLOR,N &
    DEVELOP;T & EQUIPP+ CO/S4 ,AF !
    F>MEE RECOV]S ! TOTAL (! EXPLOR,N &
    DEVELOP;T & EQUIPP+ CO/S 9CURR$ ON !
    PROP]TY 78PAY\T071 A P]C5TAGE (! "W+
    9T]E/ REV]TS 6! F>MOR TGR )A PRO
    RATA [N]%IP 9T]E/ 9 ! DEPRECIA#
    PROP]TY T 0 ACQUIR$ 6EQUIP ! WELL4
  ,6! EXT5T T ! 4POSI;N 0A F>MOR 7IN A
  SIMPLE F>M-\ OR A TYPICAL F>M-\
  TRANSAC;N7 ( AN 9T]E/ 9 AN UNPROV5
  RES\RCE PROP]TY C 2 3SID]$ AN EX*ANGE
  = F>M-\ S]VICES1 9 ! =M ( EXPLOR,N OR
  DEVELOP;T CO/S & EQUIPP+ CO/S 9CURR$
  0! F>MEE1 ! 4POSI;N DOES N GIVE    #AI
             ,,IT-#ABE;,R#D          A#D
  RISE 6PROCE$S ( 4POSI;N 6! F>MOR T >E
  A3.T$ = 9 ! MANN] \TL9$ 9 #B ABV4
  ,SIMIL>LY1 ! PAY\T TRANSAC;N REF]R$
  6IN ! TYPICAL F>M-\ TRANSAC;N ABV DOES
  N GIVE RISE 6ANY PROCE$S ( 4POSI;N4
  --,IN A ..WIDESPR1D F>M-\ .TRANSAC;N1
    A F>MEE AGREES 63DUCT EXPLOR,N &
    DEVELOP;T "W ON A F>MOR'S UNPROV5
    RES\RCE PROP]TY 9 EX*ANGE = AN 9T]E/
    9 "S O!R PROP]TY 7ANO!R UNPROV5
    RES\RCE PROP]TY OR O!R PROP]TY7 (!
    F>MOR4
  ,WIDESPR1D F>M-\TS 9 : ! F>MEE RCVS
  UNPROV5 RES\RCE PROP]TY (! F>MOR1 9
  EX*ANGE = F>M-\ S]VICES 9 ! =M (
  EXPLOR,N & DEVELOP;T "W 0! F>MEE 9
  ANO!R UNPROV5 PROP]TY (! F>MOR1 W N
  GIVE RISE 6PROCE$S ( 4POSI;N1 :E!R OR
  N ! UNPROV5 RES\RCE PROP]TY IS 3TIGU\S
  6! PROP]TY EXPLOR$ & DEVELOP$ 0!
  F>MEE4

  ,WIDESPR1D F>M-\TS 9 : ! F>MOR
  TRANSF]S PROP]TY O!R ?AN UNPROV5   #BJ
             ,,IT-#ABE;,R#D          B#D
  RES\RCE PROP]TY W 2 TR1T$ Z A 4POSI;N
  0! F>MOR = PROCE$S ( 4POSI;N EQUAL 6!
  FAIR M>KET VALUE (! PROP]TY TRANSF]R$
  Z (! DATE ! WIDESPR1D F>M-\ 0 5T]$
  9TO4 ,! F>MEE'S CO/ (! TRANSF]R$
  PROP]TY W EQUAL ! PROCE$S ( 4POSI;N (!
  F>MOR4 ,FUR!RMORE1 SUBSEC;N #FF7#AB.A7
  W APPLY 6REDUCE EXPLOR,N & DEVELOP;T
  EXP5SES 9CURR$ 0! F>MEE =! TRANSF]R$
  PROP]TY4

  ,! 4CUS.NS REG>D+ SIMPLE1 TYPICAL &
  WIDESPR1D F>M-\TS 9 ! OIL & GAS 9DU/RY
  G5],Y APPLY 6! M9+ 9DU/RY4

            ,DEC1S$ TAXPAY]S
    
#AE4 ,"U SUBSEC;N #GJ7#E.B71 &=!
  PURPOSES ( SUBSEC;N #EI7#A71 P>AGRAPH
  7A7 (! DESCRIP;N ( ;,F 9 ! DEF9I;N (
  ,,CCDE 9 SUBSEC;N #FF.B7#E7 & P>AGRAPH
  7A7 (! DESCRIP;N ( ;,F 9 ! DEF9I;N (
  ,,CCOGPE 9 SUBSEC;N #FF.D7#E71 RES\RCE
  PROP]TIES >E DEEM$ 6BE 4POS$ (     #BA
             ,,IT-#ABE;,R#D          C#D
  IMMLY 2F D1? 0! DEC1S$ = PROCE$S (
  4POSI;N EQUAL 6_! FAIR M>KET VALUE AT
  T "T1 SUBJECT 6! RULES 4CUSS$ 9 #AG
  2L4 ,! DEEM$ PROCE$S ( 4POSI;N RCV
  SIMIL> TAX TR1T;T Z ^? = PROCE$S (
  4POSI;N PREVI\SLY DESCRIB$ 9 ?
  BULLET94
#AF4 ,IF1 SUBSEQU5T 6! REDUC;N =! DEEM$
  PROCE$S ( 4POSI;N 6! ,,CCDE OR !
  ,,CCOGPE1 A DEBIT BAL.E REMA9S1 A
  DEDUC;N 9 AN AM.T N EXCE$+ #CJ@3P (!
  RESIDUAL ,,CCDE1 OR N EXCE$+ #AJ@3P (!
  RESIDUAL ,,CCOGPE1 MAY 2 CLAIM$ 9 !
  YE> ( D1?1 "U SUBSEC;NS #FF.B7#B7 &
  #FF.D7#B7 RESPECTIVELY4 ,NO FUR!R
  DEDUC;N IS ALL[$ = ANY UNCLAIM$
  BAL.ES4
#AG4 ,P>AGRAPH #GJ7#E.B77B7 PROVIDES T
  ": A RES\RCE PROP]TY 0 [N$ 0A TAXPAY]
  RESID5T 9 ,CANADA IMMLY 2F D1?1 & IF X
  C 2 %[N1 )9 ! P]IOD 5D+ #CF MON?S AF !
  D1? (! TAXPAY] 7OR ": WRITT5 APPLIC,N
  "!= HAS BE5 MADE 6! ,M9I/] 0!
  TAXPAY]'S LEGAL REPRES5TATIVE )9   #BB
             ,,IT-#ABE;,R#D          D#D
  T P]IOD1 )9 S* L;G] P]IOD Z ! ,M9I/]
  3SID]S R1SONA# 9 ! CIRCUM/.ES71 T !
  PROP]TY HAS 2COME VE/$ 9DEF1SIBLY 9 !
  TAXPAY]'S SP\SE 7:O 0 RESID5T 9
  ,CANADA IMMLY 2F ! TAXPAY]'S D1?7 OR A
  TRU/ DESCRIB$ 9 P>AGRAPH #GJ7#F77B71 !
  FOLL[+ RULES APPLY3
  7A7 ,! DEC1S$ TAXPAY]'S LEGAL
    REPRES5TATIVE MAY SPECIFY1 9 !
    DEC1S$ 9DIVIDUAL'S 9COME TAX RETURN
    REF]R$ 6IN P>AGRAPH #AEJ7#A77B71 !
    AM.T (! PROCE$S ( 4POSI;N DEEM$ 6H
    BE5 RCVD4 ,H["E1 ? AM.T MAY N EXCE$
    ! FAIR M>KET VALUE (! PROP]TY IMMLY
    2F D1?4
  7B7 ,! CO/ ( ACQUISI;N 6! SP\SE OR
    TRU/ IS ! POR;N (! AM.T SPECIFI$ 0!
    DEC1S$ TAXPAY]'S LEGAL
    REPRES5TATIVE4 ,? AM.T IS 9CLUD$ 9 !
    DEC1S$'S 9COME "U SUBSEC;N #EI7#A7
    OR 9CLUD$ 9 ! AM.T DET]M9$ "U
    P>AGRAPH 7A7 (! DESCRIP;N ( ;,F 9 !
    DEF9I;N ( ,,CCDE 9 SUBSEC;N
    #FF.B7#E71 OR P>AGRAPH 7A7 (!    #BC
             ,,IT-#ABE;,R#D          E#D
    DESCRIP;N ( ;,F 9 ! DEF9I;N (
    ,,CCOGPE 9 SUBSEC;N #FF.D7#E71 Z !
    CASE MAY BE1 =! PROP]TY4
#AH4 ,! A4I;NAL TAX PAYA# ": SUBSEC;N
  #GJ7#E.B7 APPLIES MAY 2 PD 9 UP 6T5
  EQUAL 3SECUTIVE ANNUAL 9/AL;TS :5 !
  3DI;NS 9 SUBSEC;N #AEI7#E7 >E MET 7SEE
  ,=M ,T#BJGE1 ,ELEC;N 6,DEF] ,PAY;T (
  ,9COME ,TAX1 "U ,SUBSEC;N #AEI7#E7 (!
  ,9COME ,TAX ,ACT1 0A ,DEC1S$
  ,TAXPAY]'S ,LEGAL ,REPRES5TATIVE OR
  ,TRU/EE74

  ,IF Y H ANY -;TS AB ? BULLET91 PL1SE
S5D !M TO3
  ,DIRECTOR1 ,TE*NICAL ,PUBLIC,NS
    ,DIVI.N
  ,POLICY & ,LEGISL,N ,BRAN*
  ,REV5UE ,CANADA
  #HGE ,H]ON ,ROAD
  ,OTTAWA ,,ON
  ,K#A;,A #J;,L#H
  
                                     #BD
         ,EXPLAN,N ( ,*ANGES =        #E
       ,9T]PRET,N ,,IT-#ABE;,R#D
    ,4POSI;NS ( ,RES\RCE ,PROP]TIES
               ,9TRODUC;N
    
  ,! PURPOSE (! ,EXPLAN,N ( ,*ANGES IS
6GIVE ! R1SONS =! REVI.NS 6AN 9T]PRET,N
BULLET94 ,X \TL9ES REVI.NS WE H MADE Z A
RESULT ( *ANGES 6! LAW1 Z WELL Z *ANGES
REFLECT+ NEW OR REVIS$ DE"P;TAL
9T]PRET,NS4

                ,OV]VIEW
    
  ,9T]PRET,N ,BULLET9 ,,IT-#ABE;,R#D
\TL9ES ! 9COME TAX 3SEQU;ES = 4POSI;NS (
,CANADIAN RES\RCE PROP]TIES & =EIGN
RES\RCE PROP]TIES4 ,WE H REVIS$
,,IT-#ABE;,R#C 6REFLECT AM5D;TS 6!
,9COME ,TAX ,ACT 0,S4,C4 #AIHE1 C4 #DE
7=M]LY ,BILL ;,C-#GB71 ,S4,C4 #AIHF1 C4
#F 7=M]LY ,BILL ;,C-#HD71 ,S4,C4 #AIHG1
C4 #DF 7=M]LY ,BILL ;,C-#FD71 ,S4,C4
#AIHH1 C4 #EE 7=M]LY ,BILL ;,C-#ACI71
,S4,C4 #AIIA1 C4 #DI 7=M]LY ,BILL    #BE
             ,,IT-#ABE;,R#D          A#E
;,C-#AH7 & ,S4,C4 #AIID1 C4 #BA 7=M]LY
,BILL ;,C-#BG74 ,9 A4I;N1 ! RELEVANT
3T5TS ( ,,IT-#CBI;,R1 ,9COME ( ,DEC1S$
,P]SONS--,RES\RCE ,PROP]TIES H BE5 A4$
6? BULLET9 & ,,IT-#CBI;,R IS C.ELL$4
  ,! 3T5TS ( ? BULLET9 >E N A6ECT$ 0ANY
DRAFT LEGISL,N REL1S$ PRIOR 6,APRIL #BA1
#AIIE4

       ,LEGISLATIVE & O!R *ANGES
    
  ,NEW P>AGRAPH #A 3TA9S ! DEF9I;NS (
S"EAL T]MS RELEVANT 64POSI;NS ( RES\RCE
PROP]TIES4 ,S"EAL ( ^! DEF9I;NS 7 3TA9$
9 =M] P>AGRAPHS #C1 #G & #AJ (
,,IT-#ABE;,R#C4 ,! DEF9I;N ( 8,CANADIAN
RES\RCE PROP]TY0 0 AM5D$1 = CL>IFIC,N
PURPOSES1 0,BILLS ;,C-#GB & ;,C-#HD1 !
DEF9I;N ( 8OIL OR GAS WELL0 0 A4$ 0,BILL
;,C-#HD &! DEF9I;N ( 8M9]AL RES\RCE0 0
AM5D$ 0,BILL ;,C-#ACI 7=! #AIHH &
SUBSEQU5T TAX,N YE>S7 6ADD KAOL9 Z A
TYPE ( PR9CIPAL M9]AL : CD 2 EXTRACT$ F
A M9]AL DEPOSIT = T DEPOSIT          #BF
             ,,IT-#ABE;,R#D          B#E
6QUALIFY Z A 8M9]AL RES\RCE40 ,! DEF9I;N
( 8M9]AL RES\RCE0 0 AL AM5D$ 0,BILL ;,C-
#BG 69CLUDE A M9]AL DEPOSIT 9 RESPECT (
: ! PR9CIPAL M9]AL EXTRACT$ IS CALCIUM
*LORIDE OR DIAMOND4 ,! REF];E 6CALCIUM
*LORIDE APPLIES 6TAX,N YE>S -M5C+ AF
#AIHD &! REF];E 6DIAMOND DEPOSITS IS
E6ECTIVE ONLY =! #AIIC & SUBSEQU5T TAX,N
YE>S4 ,BILL ;,C-#BG AL 3TA9$ AN AM5D;T
6! DEF9I;N ( 8M9]ALS04 ,! ^W 8M9]ALS0 0
REPLAC$ 0! ^W 8M9]AL0 & 8M9]AL0 IS DEF9$
69CLUDE BITUM9\S S&S1 CALCIUM *LORIDE1
COAL1 KAOL91 OIL S&S1 OIL %ALE & SILICA1
B N PETROLEUM1 NATURAL GAS OR A RELAT$
HYDROC>BON N EXPRESSLY REF]R$ 6IN !
DEF9I;N4 ,? AM5D;T APPLIES 6TAX,N YE>S
-M5C+ AF #AIHD1 EXCEPT T ! REF];E 6KAOL9
IS E6ECTIVE ONLY =! #AIHH & SUBSEQU5T
TAX,N YE>S4
  ,P>AGRAPH #B 7=M] P>AGRAPH #A (
,,IT-#ABE;,R#C7 HAS BE5 REVIS$ 6REFLECT
AM5D;TS MADE 0,BILL ;,C-#GB & 6DELETE
TRANSI;NAL REF];ES : >E NO L;G]
RELEVANT4 ,! LEGISLATIVE AM5D;TS     #BG
             ,,IT-#ABE;,R#D          C#E
REP1L$ SUBSEC;NS #EI7#A.A7 & #EI7#A.B7 &
^? RULES REG>D+ 4POSI;NS ( RES\RCE
PROP]TIES 7 A4$ 6! DEF9I;NS ( CUMULATIVE
,CANADIAN DEVELOP;T EXP5SE 7,,CCDE7 &
CUMULATIVE ,CANADIAN OIL & GAS PROP]TY
EXP5SE 7,,CCOGPE7 9 SUBSEC;NS #FF.B7#E7
& #FF.D7#E7 RESPECTIVELY4 ,9 A4I;N1 !
DEF9I;NS ( ,,CCDE & ,,CCOGPE 7 AM5D$
6ALL[ A DEDUC;N 9 CALCULAT+ ! PROCE$S (
4POSI;N ( RES\RCE PROP]TY = ANY SELL+ OR
O!R EXP5SES RELAT$ 6! 4POSAL4 ,?
LEGISLATIVE *ANGE 3FIRM$ ! ,DE"P;T'S
L;G-/&+ POSI;N ( RECOGNIZ+ ^! EXP5SES4
  ,P>AGRAPH #D 7=M] P>AGRAPH #B (
,,IT-#ABE;,R#C7 HAS BE5 EXP&$ 6EXPLA9 !
T]M 8DELAY R5TALS0 US$ 9 ! EXAMPLE4
  ,P>AGRAPH #E 7POR;NS ( =M] P>AGRAPHS
#AJ & #AB ( ,,IT-#ABE;,R#C7 DELET$
TRANSI;NAL 9=M,N 3TA9$ 9 ! =M] BULLET9 T
IS NO L;G] RELEVANT4 ,9 A4I;N1 REF];E
HAS BE5 MADE 6SUBSEC;NS #HH7#A.E7 &
#HG7#A.B74 ,9 G5]AL1 ^! SUBSEC;NS DEEM !
P>5T -PANY 7IN ! CASE (A QUALIFY+ W9D+-
UP7 OR ! NEW CORPOR,N 7IN ! CASE     #BH
             ,,IT-#ABE;,R#D          D#E
(A QUALIFY+ AMALGAM,N7 6BE ! SAME
CORPOR,N Z1 &A 3T9U,N (1 ! SUBSIDI>Y OR
PR$ECESSOR CORPOR,N7S71 Z ! CASE MAY BE1
=! PURPOSES ( SEC;NS #FF.B & #FF.D4
  ,P>AGRAPH #F 7=M] P>AGRAPHS #BB (
,,IT-#ABE;,R#C7 HAS BE5 REWRITT5 6DELETE
! 4CUS.N ON SEC;N #FD1 : 0 REP1L$ 0,BILL
;,C-#ACI4
  ,P>AGRAPH #AD 7=M] P>AGRAPHS #AA (
,,IT-#ABE;,R#C7 \TL9ES ! ,DE"P;T'S
9T]PRET,N ( C]TA9 8F>M-\0 TRANSAC;NS4 ,9
C]TA9 CIRCUM/.ES 7?REE EXAMPLES ( : H
BE5 PROVID$7 A 4POSI;N "U A F>M-\
TRANSAC;N DOES N GIVE RISE 6PROCE$S (
4POSI;N4
  ,P>AGRAPH #AG 7=M] P>AGRAPHS #H (
,,IT-#CBI;,R7 HAS BE5 REVIS$ 6REFLECT
AM5D;TS MADE 0,BILL ;,C-#GB4 ,^! AM5D;TS
9CR1S$ ! P]IOD ALL[$ = VE/+1 ^U A
ROLLOV] 6A SP\SE1 F #AE MON?S 6#CF MON?S
& AL PROVID$ T A L;G] VE/+ P]IOD MAY 2
ALL[$ ^U APPLIC,N 6! ,M9I/]4 ,9 A4I;N1 !
REF];ES 63T9UAL [N]%IP F ,DECEMB] #CA1
#AIGA H BE5 REMOV$ S9CE ^! -;TS >E   #BI
             ,,IT-#ABE;,R#D          E#E
NO L;G] RELEVANT )! REP1L ( SUBSEC;NS
#EI7#C7 & 7#C.A74
  ,=M] P>AGRAPHS #D1 #E1 #H & #AC 6#BA (
,,IT-#ABE;,R#C H BE5 DELET$ 2C !Y D1LT )
LEGISL,N : HAS S9CE BE5 REP1L$4 ,=M]
P>AGRAPHS #BC ( ,,IT-#ABE;,R#C \TL9$
C]TA9 AM.TS : -PRIS$ ,,CCDE & ,,CCOGPE4
,T 9=M,N IS N REQUIR$ 9 ! 3TEXT ( ?
BULLET9 & HAS BE5 DELET$4 ,=M] P>AGRAPHS
#A & #D 6#G ( ,,IT-#CBI;,R H BE5 DELET$
2C !Y D1LT ) TRANSI;NAL 9=M,N OR
LEGISL,N : HAS S9CE BE5 REP1L$4
  ,"?\T ! NEW BULLET91 WE H *ANG$ "S (!
^W+ &! ORD] ( "S (! P>AGRAPHS 6IMPROVE
R1DABIL;Y )\T ALT]+ ! SUB/.E ( :AT 0 SD
9 ! PREVI\S BULLET9S4







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