Words and Phrases - "timber limit"

a
91
b
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86
d
57
e
43
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20
h
15
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77
j
2
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2
l
32
m
60
n
29
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82
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3
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30 April 2008 External T.I. 2007-0252051E5 F - Commercial Woodlot - Timber Limit

Summary Under
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(1) - Paragraph 1100(1)(e)
standing timber on purchased land is a timber limit

In the context of a general response to a query regarding a taxpayer who was preparing to buy a woodlot, and then log the wood and sell it, CRA stated:

It is possible that the woodlot to be acquired by your client would be considered a "commercial non-farm woodlot", as that term is defined in Interpretation Bulletin IT-373R2, and that the woodlot would constitute a "timber limit" for purposes of the Act and Regulations. …

IT-373R2 describes the steps to be followed in determining the main tax rules that apply in respect of a woodlot. …

Paragraph 7 of IT-481 … states that "[i]f a taxpayer acquires land on which there is standing timber (for example, freehold timberlands), such property is a timber limit.”

Words and Phrases
timber limit