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Versions of s. 118.61(1)

I-3.3 — Income Tax Act · 8 versions · View current text

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

  1. 2026-03-26 to present available View Source
    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of subsections 118(1) to (10) and sections 118118.01 to 118.07, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition tax credit transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.
    Full text

    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of subsections 118(1) to (10) and sections 118.01 to 118.07, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition tax credit transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.

  2. 2017-01-01 to 2026-03-26 View Source
    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118 to 118.07, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and educationtuition tax creditscredit transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.
    Full text

    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118 to 118.07, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition tax credit transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.

  3. 2014-06-19 to 2017-01-01 View Source
    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118 to 118.06,118.07, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.
    Full text

    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118 to 118.07, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.

  4. 2011-12-15 to 2014-06-19 View Source
    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118 to 118.05,118.06, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.
    Full text

    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118 to 118.06, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.

  5. 2009-12-15 to 2011-12-15 View Source
    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118,118 118.01,to 118.02, 118.03,118.05, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.
    Full text

    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118 to 118.05, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.

  6. 2007-02-21 to 2009-12-15 View Source
    In this section, an individual’s unused tuitiontuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the individual’samount unuseddetermined tuitionunder andthis educationsubsection taxin creditsrespect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118, 118.01, 118.02, 118.03, 118.3 and 118.7); D is the amount that the individual may deduct under subsection 118.61(2)(2) for the year; and E is the tuitiontuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.
    Full text

    In this section, an individual’s unused tuition, textbook and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the amount determined under this subsection in respect of the individual at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118, 118.01, 118.02, 118.03, 118.3 and 118.7); D is the amount that the individual may deduct under subsection (2) for the year; and E is the tuition, textbook and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.

  7. 2006-06-22 to 2007-02-21 View Source
    In this section, an individual’s unused tuition and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the individual’s unused tuition and education tax credits at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118.1,118, 118.2,118.01, 118.5, 118.6, 118.62, 118.8, 118.9118.3 and 121;118.7); D is the amount that the individual may deduct under subsection 118.61(2) for the year; and E is the tuition and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.
    Full text

    In this section, an individual’s unused tuition and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the individual’s unused tuition and education tax credits at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under this section and any of sections 118, 118.01, 118.3 and 118.7); D is the amount that the individual may deduct under subsection 118.61(2) for the year; and E is the tuition and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.

  8. 2004-08-31 to 2006-06-22 View Source

    In this section, an individual’s unused tuition and education tax credits at the end of a taxation year is the amount determined by the formula A + (B - C) - (D + E) where A is the individual’s unused tuition and education tax credits at the end of the preceding taxation year; B is the total of all amounts each of which may be deducted under section 118.5 or 118.6 in computing the individual’s tax payable under this Part for the year; C is the lesser of the value of B and the amount that would be the individual’s tax payable under this Part for the year if no amount were deductible under any of sections 118.1, 118.2, 118.5, 118.6, 118.62, 118.8, 118.9 and 121; D is the amount that the individual may deduct under subsection 118.61(2) for the year; and E is the tuition and education tax credits transferred for the year by the individual to the individual’s spouse, common-law partner, parent or grandparent.