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The adjustment cannot exceed the fair market value of the inventory owned in connection with the farming business at the end of the year less any mandatory inventory adjustment determined under paragraph 28(1)(c) (see 4 below). ... Inventory owned in connection with a farming business means a description of property the cost or value of which would have been relevant in computing a farmer's income from the farming business for a year if the income from the business had not been computed in accordance with the cash method. ... However, a mandatory inventory adjustment pursuant to paragraph 28(1)(c) must be included in computing income for a taxation year where both of the following conditions exist: (a) there is a loss from the farming business in the year computed in accordance with the cash method but without the optional inventory adjustment referred to in 3 above, and (b) there is inventory owned in connection with the farming business at the end of the year that had been purchased by the farmer (e.g. purchased supplies and livestock on hand). ...

Paragraph 18(1)(l) will not apply to deny an outlay or expense in connection with a vessel essential to the business operations, "all or substantially all" the use of which is for business purposes. ... However, for this purpose, "lodge" is generally considered to mean an inn or resort hotel, particularly one that is a centre for recreational activities, as well as a dwelling occupied on a seasonal basis in connection with particular activities, such as hunting or fishing. ... As indicated in ¶ 2 above, paragraph 18(1)(l) will not apply to deny an outlay or expense in connection with a property, described in subparagraph 18(1)(l)(i), essential to the business operations, if "all or substantially all" of its use is for business purposes. ...

Paragraph 18(1)(l) will not apply to deny an outlay or expense in connection with a vessel essential to the business operations, "all or substantially all" the use of which is for business purposes. ... However, for this purpose, "lodge" is generally considered to mean an inn or resort hotel, particularly one that is a centre for recreational activities, as well as a dwelling occupied on a seasonal basis in connection with particular activities, such as hunting or fishing. ... As indicated in ¶ 2 above, paragraph 18(1)(l) will not apply to deny an outlay or expense in connection with a property, described in subparagraph 18(1)(l)(i), essential to the business operations, if "all or substantially all" of its use is for business purposes. ...

The above limitations on the deduction of carrying charges do not apply in connection with land that can reasonably be considered to have been used in the course of a business other than a land development business carried on in the year by the taxpayer, by virtue of paragraph 18(2)(c), or held primarily for the purpose of gaining or producing income of the taxpayer from the land for the year, by virtue of paragraph 18(2)(d). 2. ... Where the carrying charges incurred are in connection with land acquired as an adventure or concern in the nature of trade, see 12 below. ... (Utility service connection costs are covered in the current version of IT-452.) 14. ...

The adjustment cannot exceed the fair market value of the inventory owned in connection with the farming business at the end of the year less any mandatory inventory adjustment determined under paragraph 28(1)(c) (see 4 below). ... Inventory owned in connection with a farming business means a description of property the cost or value of which would have been relevant in computing a farmer's income from the farming business for a year if the income from the business had not been computed in accordance with the cash method. ... However, a mandatory inventory adjustment pursuant to paragraph 28(1)(c) must be included in computing income for a taxation year where both of the following conditions exist: (a) there is a loss from the farming business in the year computed in accordance with the cash method but without the optional inventory adjustment referred to in 3 above, and (b) there is inventory owned in connection with the farming business at the end of the year that had been purchased by the farmer (e.g. purchased supplies and livestock on hand). ...

Paragraph 18(1)(l) will not apply to deny an outlay or expense in connection with a vessel essential to the business operations, "all or substantially all" the use of which is for business purposes. ... However, for this purpose, "lodge" is generally considered to mean an inn or resort hotel, particularly one that is a centre for recreational activities, as well as a dwelling occupied on a seasonal basis in connection with particular activities, such as hunting or fishing. ... As indicated in ¶ 2 above, paragraph 18(1)(l) will not apply to deny an outlay or expense in connection with a property, described in subparagraph 18(1)(l)(i), essential to the business operations, if "all or substantially all" of its use is for business purposes. ...

A taxpayer using the cash method to compute income from a farming or fishing business may elect to roll over inventory owned in connection with the farming or fishing business to a corporation under subsection 85(1). Where such a taxpayer carries on a farming business and disposes of inventory owned in connection with that business to the corporation, paragraph 85(1)(c.2) will apply for dispositions occurring after July 13, 1990. ...

A taxpayer using the cash method to compute income from a farming or fishing business may elect to roll over inventory owned in connection with the farming or fishing business to a corporation under subsection 85(1). Where such a taxpayer carries on a farming business and disposes of inventory owned in connection with that business to the corporation, paragraph 85(1)(c.2) will apply for dispositions occurring after July 13, 1990. ...

Summary "Winding-up" is used in connection with the winding-up of a business and the winding-up of a corporation's existence. ...

Paragraph 255(b) further provides that Canada includes the seas and airspace above those submarine areas in respect of any activities carried on in connection with the exploration for or exploitation of the said minerals, petroleum, natural gas or hydrocarbons. ...