Versions of s. 132(4), definition “refundable capital gains tax on hand”

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.

2016-12-15 to present available View Source

refundable capital gains tax on hand of a mutual fund trust at the end of a taxation year means the amount determined by the formula(A - B) where A is the total of all amounts each of which is an amount in respect of that or any previous taxation year throughout which the trust was a mutual fund trust, equal to the least of ~~29%~~the ofhighest individual percentage for the year multiplied by its taxable income for the year, ~~29%~~the ofhighest individual percentage for the year multiplied by its taxed capital gains for the year, and where the taxation year ended after May 6, 1974, the tax payable under this Part by it for the year, and B is the total of all amounts each of which is an amount in respect of any previous taxation year throughout which the trust was a mutual fund trust, equal to its capital gains refund for the ~~year.~~year; (impôt en main remboursable au titre des gains en capital)

Full text

refundable capital gains tax on hand of a mutual fund trust at the end of a taxation year means the amount determined by the formula(A - B) where A is the total of all amounts each of which is an amount in respect of that or any previous taxation year throughout which the trust was a mutual fund trust, equal to the least of the highest individual percentage for the year multiplied by its taxable income for the year, the highest individual percentage for the year multiplied by its taxed capital gains for the year, and where the taxation year ended after May 6, 1974, the tax payable under this Part by it for the year, and B is the total of all amounts each of which is an amount in respect of any previous taxation year throughout which the trust was a mutual fund trust, equal to its capital gains refund for the year; (impôt en main remboursable au titre des gains en capital)
2004-08-31 to 2016-12-15 View Source

refundable capital gains tax on hand of a mutual fund trust at the end of a taxation year means the amount determined by the formula(A - B) where A is the total of all amounts each of which is an amount in respect of that or any previous taxation year throughout which the trust was a mutual fund trust, equal to the least of 29% of its taxable income for the year, 29% of its taxed capital gains for the year, and where the taxation year ended after May 6, 1974, the tax payable under this Part by it for the year, and B is the total of all amounts each of which is an amount in respect of any previous taxation year throughout which the trust was a mutual fund trust, equal to its capital gains refund for the year.