Versions of s. 180.2(2)

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.

2018-06-21 to present available View Source

Every individual shall pay a tax under this Part for each taxation year equal to the amount determined by the formula A(1 - B) where A is the lesser of the amount, if any, by which the total of all amounts each of which is the amount of any pension, supplement or spouse’s or commmon-law partner’s allowance under the Old Age Security Act included in computing the individual’s income under Part I for the year exceeds the amount of any deduction allowed under subparagraph 60(n)(i) in computing the individual’s income under Part I for the year, and 15% of the amount, if any, by which the individual’s adjusted income for the year exceeds $50,000; and B is the rate of tax payable by the individual under Part XIII on amounts described in paragraph (a) of the description of A.

Full text

Every individual shall pay a tax under this Part for each taxation year equal to the amount determined by the formula A(1 - B) where A is the lesser of the amount, if any, by which the total of all amounts each of which is the amount of any pension, supplement or spouse’s or commmon-law partner’s allowance under the Old Age Security Act included in computing the individual’s income under Part I for the year exceeds the amount of any deduction allowed under subparagraph 60(n)(i) in computing the individual’s income under Part I for the year, and 15% of the amount, if any, by which the individual’s adjusted income for the year exceeds $50,000; and B is the rate of tax payable by the individual under Part XIII on amounts described in paragraph (a) of the description of A.
2004-08-31 to 2018-06-21 View Source

Every individual shall pay a tax under this Part for each taxation year equal to the amount determined by the formula A(1 - B) where A is the lesser of the amount, if any, by which the total of all amounts each of which is the amount of any pension, supplement or spouse’s or commmon-law partner’s allowance under the Old Age Security Act included in computing the individual’s income under Part I for the year exceeds the amount of any deduction allowed under subparagraph 60(n)(i) in computing the individual’s income under Part I for the year, and 15% of the amount, if any, by which the individual’s adjusted income for the year exceeds $50,000; and B is the rate of tax payable by the individual under Part XIII on amounts described in paragraph (a) of the description of A.