Versions of s. 204.94(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.

2013-06-26 to present available View Source

Every person (other than a public primary caregiver that is exempt from tax under Part I) shall pay a tax under this Part for each taxation year equal to the amount determined by the formula(A + B - C) × D where A is the total of all amounts each of which is an accumulated income payment made at any time that is either under a registered education savings plan under which the person is a subscriber at that time, or under a registered education savings plan under which there is no subscriber at that time, where the person has been a spouse or common-law partner of an individual who was a subscriber under the plan, and included in computing the person’s income under Part I for the year; B is the total of all amounts each of which is an accumulated income payment that is not included in the value of A in respect of the person for the year, and included in computing the person’s income under Part I for the year; C is the lesser of the lesser of the value of A in respect of the person for the year and the total of all amounts each of which is an amount deducted under subsection 146(5) or 146(5.1) in computing the person’s income under Part I for the year, and the amount, if any, by which $50,000 exceeds the total of all amounts each of which is an amount determined under paragraph (a) in respect of the person for a preceding taxation year; and D is where a tax, similar to the tax provided under this Part, is payable by the person for the year under a law of the province of Quebec, 12%, and in any other case, 20%.

Full text

Every person (other than a public primary caregiver that is exempt from tax under Part I) shall pay a tax under this Part for each taxation year equal to the amount determined by the formula(A + B - C) × D where A is the total of all amounts each of which is an accumulated income payment made at any time that is either under a registered education savings plan under which the person is a subscriber at that time, or under a registered education savings plan under which there is no subscriber at that time, where the person has been a spouse or common-law partner of an individual who was a subscriber under the plan, and included in computing the person’s income under Part I for the year; B is the total of all amounts each of which is an accumulated income payment that is not included in the value of A in respect of the person for the year, and included in computing the person’s income under Part I for the year; C is the lesser of the lesser of the value of A in respect of the person for the year and the total of all amounts each of which is an amount deducted under subsection 146(5) or 146(5.1) in computing the person’s income under Part I for the year, and the amount, if any, by which $50,000 exceeds the total of all amounts each of which is an amount determined under paragraph (a) in respect of the person for a preceding taxation year; and D is where a tax, similar to the tax provided under this Part, is payable by the person for the year under a law of the province of Quebec, 12%, and in any other case, 20%.
2004-08-31 to 2013-06-26 View Source

Every person shall pay a tax under this Part for each taxation year equal to the amount determined by the formula(A + B - C) × D where A is the total of all amounts each of which is an accumulated income payment made at any time that is either under a registered education savings plan under which the person is a subscriber at that time, or under a registered education savings plan under which there is no subscriber at that time, where the person has been a spouse or common-law partner of an individual who was a subscriber under the plan, and included in computing the person’s income under Part I for the year; B is the total of all amounts each of which is an accumulated income payment that is not included in the value of A in respect of the person for the year, and included in computing the person’s income under Part I for the year; C is the lesser of the lesser of the value of A in respect of the person for the year and the total of all amounts each of which is an amount deducted under subsection 146(5) or 146(5.1) in computing the person’s income under Part I for the year, and the amount, if any, by which $50,000 exceeds the total of all amounts each of which is an amount determined under paragraph (a) in respect of the person for a preceding taxation year; and D is where a tax, similar to the tax provided under this Part, is payable by the person for the year under a law of the province of Quebec, 12%, and in any other case, 20%.