Versions of s. 125.7(2.1)

I-3.3 — Income Tax Act · 2 versions · View current text

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

2021-12-17 to present available View Source

For a qualifying renter for a qualifying period referred to in any of paragraphs (c.5) to (d) of the definition qualifying period in subsection (1), an overpayment on account of the qualifying renter’s liability under this Part for the taxation year in which the qualifying period ends is deemed to have arisen during the qualifying period in an amount determined by the formula A + B where A is the amount determined by the formula C × D where C is the qualifying renter’s rent subsidy percentage for the qualifying period, and D is the lesser of the total of all amounts, each of which is the qualifying renter’s qualifying rent expense for a qualifying property for the qualifying period, and the amount determined by the ~~formula$300,000~~formula E × EE.1 where E is 100%, unless the qualifying renter is affiliated at any time in the qualifying period with one or more eligible entities that claims an amount under this subsection in respect of the qualifying period, a percentage assigned to the qualifying renter under an agreement, if the agreement is entered into by the qualifying renter and each eligible entity that is affiliated with the qualifying renter in the qualifying period, and claims an amount under this subsection in respect of the qualifying period, the agreement is filed in prescribed form and manner with the Minister in respect of the qualifying period by the qualifying renter and each eligible entity referred to in clause (A) with their application for the qualifying period, the agreement assigns, for the purposes of this subsection, a percentage in respect of each eligible entity referred to in clause (B) for the qualifying period, and the total of all the percentages assigned under the agreement does not exceed 100%, and in any other case, ~~nil;~~nil, and E.1 is$300,000 for the eighth qualifying period to the twenty-first qualifying period, and$1,000,000 for the twenty-second qualifying period and subsequent qualifying periods; and B is the total of all amounts, each of which is an amount in respect of a qualifying property for the qualifying period, determined by the formula F × G where F is nil, unless the rent subsidy percentage of the qualifying renter for the qualifying period is greater than 0%, and in any other case, the rent top-up percentage of the qualifying renter in respect of the qualifying property for the qualifying period, and G is the qualifying rent expense of the qualifying renter in respect of the qualifying property for the qualifying period.

Full text

For a qualifying renter for a qualifying period referred to in any of paragraphs (c.5) to (d) of the definition qualifying period in subsection (1), an overpayment on account of the qualifying renter’s liability under this Part for the taxation year in which the qualifying period ends is deemed to have arisen during the qualifying period in an amount determined by the formula A + B where A is the amount determined by the formula C × D where C is the qualifying renter’s rent subsidy percentage for the qualifying period, and D is the lesser of the total of all amounts, each of which is the qualifying renter’s qualifying rent expense for a qualifying property for the qualifying period, and the amount determined by the formula E × E.1 where E is 100%, unless the qualifying renter is affiliated at any time in the qualifying period with one or more eligible entities that claims an amount under this subsection in respect of the qualifying period, a percentage assigned to the qualifying renter under an agreement, if the agreement is entered into by the qualifying renter and each eligible entity that is affiliated with the qualifying renter in the qualifying period, and claims an amount under this subsection in respect of the qualifying period, the agreement is filed in prescribed form and manner with the Minister in respect of the qualifying period by the qualifying renter and each eligible entity referred to in clause (A) with their application for the qualifying period, the agreement assigns, for the purposes of this subsection, a percentage in respect of each eligible entity referred to in clause (B) for the qualifying period, and the total of all the percentages assigned under the agreement does not exceed 100%, and in any other case, nil, and E.1 is$300,000 for the eighth qualifying period to the twenty-first qualifying period, and$1,000,000 for the twenty-second qualifying period and subsequent qualifying periods; and B is the total of all amounts, each of which is an amount in respect of a qualifying property for the qualifying period, determined by the formula F × G where F is nil, unless the rent subsidy percentage of the qualifying renter for the qualifying period is greater than 0%, and in any other case, the rent top-up percentage of the qualifying renter in respect of the qualifying property for the qualifying period, and G is the qualifying rent expense of the qualifying renter in respect of the qualifying property for the qualifying period.
2020-11-19 to 2021-12-17 View Source

For a qualifying renter for a qualifying period referred to in any of paragraphs (c.5) to (d) of the definition qualifying period in subsection (1), an overpayment on account of the qualifying renter’s liability under this Part for the taxation year in which the qualifying period ends is deemed to have arisen during the qualifying period in an amount determined by the formula A + B where A is the amount determined by the formula C × D where C is the qualifying renter’s rent subsidy percentage for the qualifying period, and D is the lesser of the total of all amounts, each of which is the qualifying renter’s qualifying rent expense for a qualifying property for the qualifying period, and the amount determined by the formula$300,000 × E where E is 100%, unless the qualifying renter is affiliated at any time in the qualifying period with one or more eligible entities that claims an amount under this subsection in respect of the qualifying period, a percentage assigned to the qualifying renter under an agreement, if the agreement is entered into by the qualifying renter and each eligible entity that is affiliated with the qualifying renter in the qualifying period, and claims an amount under this subsection in respect of the qualifying period, the agreement is filed in prescribed form and manner with the Minister in respect of the qualifying period by the qualifying renter and each eligible entity referred to in clause (A) with their application for the qualifying period, the agreement assigns, for the purposes of this subsection, a percentage in respect of each eligible entity referred to in clause (B) for the qualifying period, and the total of all the percentages assigned under the agreement does not exceed 100%, and in any other case, nil; and B is the total of all amounts, each of which is an amount in respect of a qualifying property for the qualifying period, determined by the formula F × G where F is nil, unless the rent subsidy percentage of the qualifying renter for the qualifying period is greater than 0%, and in any other case, the rent top-up percentage of the qualifying renter in respect of the qualifying property for the qualifying period, and G is the qualifying rent expense of the qualifying renter in respect of the qualifying property for the qualifying period.