Hyperlawhypertext legal database Income Tax Act

← Historical versions

Versions of s. 127.51

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. 2024-06-20 to present available View Source
    An individual’s minimum amount for a taxation year is the amount determined by the formula A(B - C) - D where A is the appropriate percentage for the year;20.5%; B is the individual’s adjusted taxable income for the year determined under section 127.52; C is$40,000,is the first dollar amount for the year referred to in paragraph 117(2)(d), in the case of an individual (other than a trust) or a graduatedqualified ratedisability estate;trust (as defined in subsection 122(3)); and nil, in any other case; and D is the individual’s basic minimum tax credit for the year determined under section 127.531.
    Full text

    An individual’s minimum amount for a taxation year is the amount determined by the formula A(B - C) - D where A is 20.5%; B is the individual’s adjusted taxable income for the year determined under section 127.52; C is the first dollar amount for the year referred to in paragraph 117(2)(d), in the case of an individual (other than a trust) or a qualified disability trust (as defined in subsection 122(3)); and nil, in any other case; and D is the individual’s basic minimum tax credit for the year determined under section 127.531.

  2. 2014-12-16 to 2024-06-20 View Source
    An individual’s minimum amount for a taxation year is the amount determined by the formula A(B - C) - D where A is the appropriate percentage for the year; B is the individual’s adjusted taxable income for the year determined under section 127.52; C isis$40,000, in the individual’scase basicof exemptionan forindividual the(other yearthan determineda undertrust) sectionor 127.53;a graduated rate estate; and nil, in any other case; and D is the individual’s basic minimum tax credit for the year determined under section 127.531.
    Full text

    An individual’s minimum amount for a taxation year is the amount determined by the formula A(B - C) - D where A is the appropriate percentage for the year; B is the individual’s adjusted taxable income for the year determined under section 127.52; C is$40,000, in the case of an individual (other than a trust) or a graduated rate estate; and nil, in any other case; and D is the individual’s basic minimum tax credit for the year determined under section 127.531.

  3. 2004-08-31 to 2014-12-16 View Source

    An individual’s minimum amount for a taxation year is the amount determined by the formula A(B - C) - D where A is the appropriate percentage for the year; B is the individual’s adjusted taxable income for the year determined under section 127.52; C is the individual’s basic exemption for the year determined under section 127.53; and D is the individual’s basic minimum tax credit for the year determined under section 127.531.