Versions of s. 118(2)

I-3.3 — Income Tax Act · 4 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2018-06-21 to present available View Source

For the purpose of computing the tax payable under this Part for a taxation year by an individual who, before the end of the year, has attained the age of 65 years, there may be deducted the amount determined by the formula A × ($6,408 – B) where A is the appropriate percentage for the year; and B is 15% of the amount, if any, by which the individual’s income for the year would exceed $25,921 ifif, in computing that income, no amount were included in respect of a gain from a disposition of property to which section 79 applies inand ~~computing~~no ~~that~~amount ~~income.~~were deductible under paragraph 20(1)(ww).

Full text

For the purpose of computing the tax payable under this Part for a taxation year by an individual who, before the end of the year, has attained the age of 65 years, there may be deducted the amount determined by the formula A × ($6,408 – B) where A is the appropriate percentage for the year; and B is 15% of the amount, if any, by which the individual’s income for the year would exceed $25,921 if, in computing that income, no amount were included in respect of a gain from a disposition of property to which section 79 applies and no amount were deductible under paragraph 20(1)(ww).
2009-03-12 to 2018-06-21 View Source

For the purpose of computing the tax payable under this Part for a taxation year by an individual who, before the end of the year, has attained the age of 65 years, there may be deducted the amount determined by the formula A × ~~($5,066~~($6,408 -– B) where A is the appropriate percentage for the year; and B is 15% of the amount, if any, by which the individual’s income for the year would exceed $25,921 if no amount were included in respect of a gain from a disposition of property to which section 79 applies in computing that income.

Full text

For the purpose of computing the tax payable under this Part for a taxation year by an individual who, before the end of the year, has attained the age of 65 years, there may be deducted the amount determined by the formula A × ($6,408 – B) where A is the appropriate percentage for the year; and B is 15% of the amount, if any, by which the individual’s income for the year would exceed $25,921 if no amount were included in respect of a gain from a disposition of property to which section 79 applies in computing that income.
2007-06-22 to 2009-03-12 View Source

For the purpose of computing the tax payable under this Part for a taxation year by an individual who, before the end of the year, has attained the age of 65 years, there may be deducted the amount determined by the formula A × ~~($3,236~~($5,066 - B) where A is the appropriate percentage for the year; and B is 15% of the amount, if any, by which the individual’s income for the year would exceed $25,921 if no amount were included in respect of a gain from a disposition of property to which section 79 applies in computing that income.

Full text

For the purpose of computing the tax payable under this Part for a taxation year by an individual who, before the end of the year, has attained the age of 65 years, there may be deducted the amount determined by the formula A × ($5,066 - B) where A is the appropriate percentage for the year; and B is 15% of the amount, if any, by which the individual’s income for the year would exceed $25,921 if no amount were included in respect of a gain from a disposition of property to which section 79 applies in computing that income.
2004-08-31 to 2007-06-22 View Source

For the purpose of computing the tax payable under this Part for a taxation year by an individual who, before the end of the year, has attained the age of 65 years, there may be deducted the amount determined by the formula A × ($3,236 - B) where A is the appropriate percentage for the year; and B is 15% of the amount, if any, by which the individual’s income for the year would exceed $25,921 if no amount were included in respect of a gain from a disposition of property to which section 79 applies in computing that income.