Versions of s. 118.031(2)

I-3.3 — Income Tax Act · 2 versions

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

2016-06-22 to 2017-01-01 View Source

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted the amount determined by the formula A × B where A is the appropriate percentage for the taxation year; and B is the total of all amounts each of which is, in respect of a qualifying child of the individual for the taxation year, the lesser of ~~$500~~$250 and the amount determined by the formula C – D where C is total of all amounts each of which is an amount paid in the taxation year by the individual, or by the individual’s spouse or common-law partner, that is an eligible expense in respect of the qualifying child of the individual, and D is the total of all amounts that any person is or was entitled to receive, each of which relates to an amount included in computing the value determined for C in respect of the qualifying child that is the amount of a reimbursement, allowance or any other form of assistance (other than an amount that is included in computing the income for any taxation year of that person and that is not deductible in computing the taxable income of that person).

Full text

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted the amount determined by the formula A × B where A is the appropriate percentage for the taxation year; and B is the total of all amounts each of which is, in respect of a qualifying child of the individual for the taxation year, the lesser of $250 and the amount determined by the formula C – D where C is total of all amounts each of which is an amount paid in the taxation year by the individual, or by the individual’s spouse or common-law partner, that is an eligible expense in respect of the qualifying child of the individual, and D is the total of all amounts that any person is or was entitled to receive, each of which relates to an amount included in computing the value determined for C in respect of the qualifying child that is the amount of a reimbursement, allowance or any other form of assistance (other than an amount that is included in computing the income for any taxation year of that person and that is not deductible in computing the taxable income of that person).
2011-12-15 to 2016-06-22 View Source

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted the amount determined by the formula A × B where A is the appropriate percentage for the taxation year; and B is the total of all amounts each of which is, in respect of a qualifying child of the individual for the taxation year, the lesser of $500 and the amount determined by the formula C – D where C is total of all amounts each of which is an amount paid in the taxation year by the individual, or by the individual’s spouse or common-law partner, that is an eligible expense in respect of the qualifying child of the individual, and D is the total of all amounts that any person is or was entitled to receive, each of which relates to an amount included in computing the value determined for C in respect of the qualifying child that is the amount of a reimbursement, allowance or any other form of assistance (other than an amount that is included in computing the income for any taxation year of that person and that is not deductible in computing the taxable income of that person).