CRA indicates that the transfer of an oil and gas lease was not eligible for the s. 167 GST election

CRA indicated that the transfer of an interest in an individual “lease” of oil and gas property which may be operating under a joint venture agreement likely would not constitute a supply of part of a business for ETA s. 167 purposes given that this would not be associated with the transfer of any other assets and it might represent only one of the assets in a field held by the vendor.

Neal Armstrong. Summary of 3 February 2017 Interpretation 158436 under ETA s. 167(1).