CRA maintains its policies on principal-business corporation status under the resource rules

Although it replaces an IT Bulletin that (mostly) is almost 40 years old, the Folio on (resource) principal-business corporation status is largely a continuation of IT-400, with the addition of some largely routine discussion regarding provisions in which the PBC concept is used. The interpretive points that have been carried forward include:

• Generally, only the business operations in a year will be considered, but exceptionally a longer period may be considered, e.g., where there has been a temporary mine shut down;
• Management functions necessary to carry on the listed qualifying activities will be assimilated to those activities rather than treated as a separate non-qualifying function;
• To qualify as a PBC it need not perform the required activities on its own property; and
• Activities carried on through a partnership retain their character.

Neal Armstrong. Summaries of S3-F8-C1: "Principal-business Corporations in the Resource Industries" under s. 66(15) – principal business corporation, s. 66.1(3), s. 66(11.4.) and Sched. II, Class 43.2.