{"id":1445,"date":"2015-02-10T16:11:32","date_gmt":"2015-02-10T16:11:32","guid":{"rendered":"https:\/\/thor.ca\/\/blog\/?p=1445"},"modified":"2015-02-12T15:37:39","modified_gmt":"2015-02-12T15:37:39","slug":"tax-court-finds-lng-import-facility-qualified-as-processing-asset-included-in-class-43","status":"publish","type":"post","link":"https:\/\/www.thor.ca\/blog\/2015\/02\/tax-court-finds-lng-import-facility-qualified-as-processing-asset-included-in-class-43\/","title":{"rendered":"Tax Court finds LNG import facility qualified as processing asset included in Class 43"},"content":{"rendered":"<p>In <a href=\"http:\/\/thor.ca\/blog\/wp-content\/uploads\/2015\/02\/2015-TCC-21.pdf\"><em>Repsol Canada Ltd. v. The Queen<\/em><\/a>, 2015 TCC 21, the Tax Court of Canada found that a deep water pier and plant (Facility) in New Brunswick qualified as a processing asset included in Class 43 for the 2007 taxation year.\u00a0 The Facility was used for receiving, unloading, and storing liquid natural gas (LNG), and re-gasifying the LNG into methane (having required specifications) for sale into a transmission pipeline system.\u00a0 This activity was sufficient to constitute \u201cprocessing\u201d.\u00a0 The Facility was not included in Class 1(n), as part of a gas distribution system, because the activities at the Facility were conducted <em>prior to<\/em> the methane entering into a transmission\/distribution pipeline system.\u00a0 The capital cost allowance regulations were subsequently amended to include LNG plants in Class 47, depreciable at 8% per annum. Deep water piers are specifically excluded from Class 47.  Presumably such piers remain processing assets included in Class 43 based on the reasoning in <em>Repsol Canada Ltd.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In <a href=\"http:\/\/thor.ca\/blog\/wp-content\/uploads\/2015\/02\/2015-TCC-21.pdf\"><em>Repsol Canada Ltd. v. The Queen<\/em><\/a>, 2015 TCC 21, the Tax Court of Canada found that a deep water pier and plant (Facility) in New Brunswick qualified as a processing asset included in Class 43 for the 2007&hellip;<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1445","post","type-post","status-publish","format-standard","hentry","category-corporate-tax"],"_links":{"self":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/1445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/comments?post=1445"}],"version-history":[{"count":0,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/1445\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/media?parent=1445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/categories?post=1445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/tags?post=1445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}