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Versions of s. 118.1(1), definition “total gifts”, para (a)(iii)

I-3.3 — Income Tax Act · 3 versions · View current text

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

  1. 2018-01-01 to present available View Source
    in any other case, the lesser of the individual’s income for the year and the amount determined by the formula 0.75A + 0.25 (B + C + D - E) where A is the individual’s income for the year, B is the total of all amounts, each of which is that proportion of the individual’s taxable capital gain for the taxation year in respect of a gift made by the individual in the taxation year (in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the taxation year) that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, C is the total of all amounts each of which is a taxable capital gain of the individual for the year, because of subsection 40(1.01), from a disposition of a property in a preceding taxation year, D is the total of all amounts each of which is determined in respect of the individual’s depreciable property of a prescribed class and equal to the lesser of the amount included under subsection 13(1) in respect of the class in computing the individual’s income for the year, and the total of all amounts each of which is determined in respect of a disposition that is the making of a gift of property of the class made by the individual in the year (in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the taxation year) equal to the lesser of that proportion, of the amount by which the proceeds of disposition of the property exceed any outlays and expenses, to the extent that they were made or incurred by the individual for the purpose of making the disposition, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and that proportion, of the capital cost to the individual of the property, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and E is the total of all amounts each of which is the portion of an amount deducted under section 110.6 in computing the individual’s taxable income for the year that can reasonably be considered to be in respect of a gift referred to in the description of B or C,
    Full text

    in any other case, the lesser of the individual’s income for the year and the amount determined by the formula 0.75A + 0.25 (B + C + D - E) where A is the individual’s income for the year, B is the total of all amounts, each of which is that proportion of the individual’s taxable capital gain for the taxation year in respect of a gift made by the individual in the taxation year (in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the taxation year) that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, C is the total of all amounts each of which is a taxable capital gain of the individual for the year, because of subsection 40(1.01), from a disposition of a property in a preceding taxation year, D is the total of all amounts each of which is determined in respect of the individual’s depreciable property of a prescribed class and equal to the lesser of the amount included under subsection 13(1) in respect of the class in computing the individual’s income for the year, and the total of all amounts each of which is determined in respect of a disposition that is the making of a gift of property of the class made by the individual in the year (in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the taxation year) equal to the lesser of that proportion, of the amount by which the proceeds of disposition of the property exceed any outlays and expenses, to the extent that they were made or incurred by the individual for the purpose of making the disposition, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and that proportion, of the capital cost to the individual of the property, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and E is the total of all amounts each of which is the portion of an amount deducted under section 110.6 in computing the individual’s taxable income for the year that can reasonably be considered to be in respect of a gift referred to in the description of B or C,

  2. 2013-06-26 to 2018-01-01 View Source
    in any other case, the lesser of the individual’s income for the year and the amount determined by the formula 0.75A + 0.25 (B + C + D - E) where A is the individual’s income for the year, B is the total of all amountsamounts, each of which is athat proportion of the individual’s taxable capital gain of the individual for the taxation year fromin a disposition that is the makingrespect of a gift made by the individual in the year,taxation year (in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the year,taxation year) that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, C is the total of all amounts each of which is a taxable capital gain of the individual for the year, because of subsection 40(1.01), from a disposition of a property in a preceding taxation year, D is the total of all amounts each of which is determined in respect of the individual’s depreciable property of a prescribed class and equal to the lesser of the amount included under subsection 13(1) in respect of the class in computing the individual’s income for the year, and the total of all amounts each of which is determined in respect of a disposition that is the making of a gift of property of the class made by the individual in the year that(in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the yeartaxation andyear) equal to the lesser of that proportion, of the amount by which the proceeds of disposition of the property minusexceed any outlays and expensesexpenses, to the extent that they were made or incurred by the individual for the purpose of making the disposition, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and that proportion, of the capital cost to the individual of the property, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and E is the total of all amounts each of which is the portion of an amount deducted under section 110.6 in computing the individual’s taxable income for the year that can reasonably be considered to be in respect of a gift referred to in the description of B or C,
    Full text

    in any other case, the lesser of the individual’s income for the year and the amount determined by the formula 0.75A + 0.25 (B + C + D - E) where A is the individual’s income for the year, B is the total of all amounts, each of which is that proportion of the individual’s taxable capital gain for the taxation year in respect of a gift made by the individual in the taxation year (in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the taxation year) that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, C is the total of all amounts each of which is a taxable capital gain of the individual for the year, because of subsection 40(1.01), from a disposition of a property in a preceding taxation year, D is the total of all amounts each of which is determined in respect of the individual’s depreciable property of a prescribed class and equal to the lesser of the amount included under subsection 13(1) in respect of the class in computing the individual’s income for the year, and the total of all amounts each of which is determined in respect of a disposition that is the making of a gift of property of the class made by the individual in the year (in respect of which gift an eligible amount is included in the individual’s total charitable gifts for the taxation year) equal to the lesser of that proportion, of the amount by which the proceeds of disposition of the property exceed any outlays and expenses, to the extent that they were made or incurred by the individual for the purpose of making the disposition, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and that proportion, of the capital cost to the individual of the property, that the eligible amount of the gift is of the individual’s proceeds of disposition in respect of the gift, and E is the total of all amounts each of which is the portion of an amount deducted under section 110.6 in computing the individual’s taxable income for the year that can reasonably be considered to be in respect of a gift referred to in the description of B or C,

  3. 2004-08-31 to 2013-06-26 View Source

    in any other case, the lesser of the individual’s income for the year and the amount determined by the formula 0.75A + 0.25 (B + C + D - E) where A is the individual’s income for the year, B is the total of all amounts each of which is a taxable capital gain of the individual for the year from a disposition that is the making of a gift made by the individual in the year, which gift is included in the individual’s total charitable gifts for the year, C is the total of all amounts each of which is a taxable capital gain of the individual for the year, because of subsection 40(1.01), from a disposition of a property in a preceding taxation year, D is the total of all amounts each of which is determined in respect of the individual’s depreciable property of a prescribed class and equal to the lesser of the amount included under subsection 13(1) in respect of the class in computing the individual’s income for the year, and the total of all amounts each of which is determined in respect of a disposition that is the making of a gift of property of the class made by the individual in the year that is included in the individual’s total charitable gifts for the year and equal to the lesser of the proceeds of disposition of the property minus any outlays and expenses to the extent that they were made or incurred by the individual for the purpose of making the disposition, and the capital cost to the individual of the property, and E is the total of all amounts each of which is the portion of an amount deducted under section 110.6 in computing the individual’s taxable income for the year that can reasonably be considered to be in respect of a gift referred to in the description of B or C,