Versions of s. 118.1(3)

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.

2018-01-01 to present available View Source

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted such amount as the individual claims not exceeding the amount determined by the formula A × B + C × D + E × F where A is the appropriate percentage for the year; B is the lesser of $200 and the individual’s total gifts for the year; C is the highest individual percentage for the year; D is in the case of a trust (other than a graduated rate estate or a qualified disability trust as defined in subsection 122(3)), the amount, if any, by which its total gifts for the year exceeds $200, and in any other case, the lesser of the amount, if any, by which the individual’s total gifts for the year exceeds $200, and the amount, if any, by which the individual’s amount taxable for the year for the purposes of subsection 117(2) exceeds the first dollar amount for the year referred to in paragraph 117(2)(e); E is 29%; and F is the amount, if any, by which the individual’s total gifts for the year exceeds the total of $200 and the amount determined for D.

Full text

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted such amount as the individual claims not exceeding the amount determined by the formula A × B + C × D + E × F where A is the appropriate percentage for the year; B is the lesser of $200 and the individual’s total gifts for the year; C is the highest individual percentage for the year; D is in the case of a trust (other than a graduated rate estate or a qualified disability trust as defined in subsection 122(3)), the amount, if any, by which its total gifts for the year exceeds $200, and in any other case, the lesser of the amount, if any, by which the individual’s total gifts for the year exceeds $200, and the amount, if any, by which the individual’s amount taxable for the year for the purposes of subsection 117(2) exceeds the first dollar amount for the year referred to in paragraph 117(2)(e); E is 29%; and F is the amount, if any, by which the individual’s total gifts for the year exceeds the total of $200 and the amount determined for D.
2016-12-15 to 2018-01-01 View Source

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted such amount as the individual claims not exceeding the amount determined by the ~~formula(A~~formula A × B)B + [CC × (DD -+ ~~B)]~~E × F where A is the appropriate percentage for the year; B is the lesser of $200 and the individual’s total gifts for the year; C is the highest individual percentage ~~referred to in subsection 117(2) that applies in determining tax that might be payable under this Part~~ for the year; ~~and~~ D is in the case of a trust (other than a graduated rate estate or a qualified disability trust as defined in subsection 122(3)), the amount, if any, by which its total gifts for the year exceeds $200, and in any other case, the lesser of the amount, if any, by which the individual’s total gifts for the ~~year.~~year exceeds $200, and the amount, if any, by which the individual’s amount taxable for the year for the purposes of subsection 117(2) exceeds the first dollar amount for the year referred to in paragraph 117(2)(e); E is 29%; and F is the amount, if any, by which the individual’s total gifts for the year exceeds the total of $200 and the amount determined for D.

Full text

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted such amount as the individual claims not exceeding the amount determined by the formula A × B + C × D + E × F where A is the appropriate percentage for the year; B is the lesser of $200 and the individual’s total gifts for the year; C is the highest individual percentage for the year; D is in the case of a trust (other than a graduated rate estate or a qualified disability trust as defined in subsection 122(3)), the amount, if any, by which its total gifts for the year exceeds $200, and in any other case, the lesser of the amount, if any, by which the individual’s total gifts for the year exceeds $200, and the amount, if any, by which the individual’s amount taxable for the year for the purposes of subsection 117(2) exceeds the first dollar amount for the year referred to in paragraph 117(2)(e); E is 29%; and F is the amount, if any, by which the individual’s total gifts for the year exceeds the total of $200 and the amount determined for D.
2004-08-31 to 2016-12-15 View Source

For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted such amount as the individual claims not exceeding the amount determined by the formula(A × B) + [C × (D - B)] where A is the appropriate percentage for the year; B is the lesser of $200 and the individual’s total gifts for the year; C is the highest percentage referred to in subsection 117(2) that applies in determining tax that might be payable under this Part for the year; and D is the individual’s total gifts for the year.