Hyperlawhypertext legal database Income Tax Act

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Versions of s. 122.92(3)

I-3.3 — Income Tax Act · 1 version · View current text

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

  1. 2023-01-01 to present available View Source

    An eligible individual who files a return of income for a renovation period taxation year and who makes a claim under this subsection in that return of income is deemed to have paid, at the end of the taxation year, on account of tax payable under this Part for the taxation year, an amount equal to the amount determined by the formula A × B where A is the appropriate percentage for the taxation year; and B is the least of$50,000, the total of all amounts, each of which is a qualifying expenditure of the individual in respect of a qualifying renovation that ended in the taxation year, and if the individual is not resident in Canada throughout the taxation year, nil.