Versions of s. 20(30)

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.

2017-12-14 to present available View Source

For the purpose of the description of N in subclause 20(1)(l)(ii)(D)(II), the specified reserve adjustment for a loan of a taxpayer for a taxation year is the amount determined by the formula 0.1(A × B × C/365) where A is the carrying amount of the impaired loan that is used or would be used in determining the interest income on the loan for the year in accordance with generally accepted accounting principles; B is the effective interest rate on the loan for the year determined in accordance with generally accepted accounting principles; and C is the number of days in the year on which the loan is impaired.

Full text

For the purpose of the description of N in subclause 20(1)(l)(ii)(D)(II), the specified reserve adjustment for a loan of a taxpayer for a taxation year is the amount determined by the formula 0.1(A × B × C/365) where A is the carrying amount of the impaired loan that is used or would be used in determining the interest income on the loan for the year in accordance with generally accepted accounting principles; B is the effective interest rate on the loan for the year determined in accordance with generally accepted accounting principles; and C is the number of days in the year on which the loan is impaired.
2004-08-31 to 2017-12-14 View Source

For the purpose of the description of N in subclause 20(1)(l)(ii)(D)(II), the specified reserve adjustment for a loan of a taxpayer for a taxation year is the amount determined by the formula 0.1(A × B × C/365) where A is the carrying amount of the impaired loan that is used or would be used in determining the interest income on the loan for the year in accordance with generally accepted accounting principles; B is the effective interest rate on the loan for the year determined in accordance with generally accepted accounting principles; and C is the number of days in the year on which the loan is impaired.