Versions of s. 118(1.1)

For the purposes of subsection (1), basic personal amount, of an individual for a taxation year, means the amount determined by the formula A + B where A is $12,298; and B is the amount determined by the formula C − D × E where C is the amount determined by the formula F − G where F is for the 2020 taxation year, $13,229, for the 2021 taxation year, $13,808, for the 2022 taxation year, $14,398, and for the 2023 and subsequent taxation years, $15,000, and G is the amount determined for A, D is the amount determined for C, and E is if the individual’s income for the year is less than or equal to the first dollar amount for the year referred to in paragraph 117(2)(d), nil, and in any other case, the lesser of 1 and the amount determined by the formula(H − I)/J where H is the individual’s income for the year, I is the first dollar amount for the year referred to in paragraph 117(2)(d), and J is the amount determined by the formula K − L where K is the first dollar amount for the year referred to in paragraph 117(2)(e), and L is the amount determined for I.