Versions of s. 207.8(2)

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.

2023-06-22 to present available View Source

If a specified employee has an excess EPSP amount for a taxation year, the specified employee shall pay a tax for the year equal to the amount determined by the formula(A + B) × C where A is the highest individual percentage for the year; B is if the specified employee is resident in Quebec at the end of the year, 0%, if the specified employee is resident in a province other than Quebec at the end of the year, the highest percentage rate of tax, including surtaxes but not taxes that are limited to a maximum amount, imposed by the province for the year on the income of an individual who is a resident of the province, or in any other case, ~~14%;~~the percentage (rounded to the nearest half percentage, or where it is equidistant from two such consecutive half percentages, to the higher of the two) determined by the formula E × F where E is the highest individual percentage for the year, and F is the percentage referred to in subsection 120(1); and C is the total of all excess EPSP amounts of the specified employee for the year.

Full text

If a specified employee has an excess EPSP amount for a taxation year, the specified employee shall pay a tax for the year equal to the amount determined by the formula(A + B) × C where A is the highest individual percentage for the year; B is if the specified employee is resident in Quebec at the end of the year, 0%, if the specified employee is resident in a province other than Quebec at the end of the year, the highest percentage rate of tax, including surtaxes but not taxes that are limited to a maximum amount, imposed by the province for the year on the income of an individual who is a resident of the province, or in any other case, the percentage (rounded to the nearest half percentage, or where it is equidistant from two such consecutive half percentages, to the higher of the two) determined by the formula E × F where E is the highest individual percentage for the year, and F is the percentage referred to in subsection 120(1); and C is the total of all excess EPSP amounts of the specified employee for the year.
2016-12-15 to 2023-06-22 View Source

If a specified employee has an excess EPSP amount for a taxation year, the specified employee shall pay a tax for the year equal to the amount determined by the formula(A + B) × C where A is ~~29%;~~the highest individual percentage for the year; B is if the specified employee is resident in Quebec at the end of the year, 0%, if the specified employee is resident in a province other than Quebec at the end of the year, the highest percentage rate of tax, including surtaxes but not taxes that are limited to a maximum amount, imposed by the province for the year on the income of an individual who is a resident of the province, or in any other case, 14%; and C is the total of all excess EPSP amounts of the specified employee for the year.

Full text

If a specified employee has an excess EPSP amount for a taxation year, the specified employee shall pay a tax for the year equal to the amount determined by the formula(A + B) × C where A is the highest individual percentage for the year; B is if the specified employee is resident in Quebec at the end of the year, 0%, if the specified employee is resident in a province other than Quebec at the end of the year, the highest percentage rate of tax, including surtaxes but not taxes that are limited to a maximum amount, imposed by the province for the year on the income of an individual who is a resident of the province, or in any other case, 14%; and C is the total of all excess EPSP amounts of the specified employee for the year.
2012-12-14 to 2016-12-15 View Source

If a specified employee has an excess EPSP amount for a taxation year, the specified employee shall pay a tax for the year equal to the amount determined by the formula(A + B) × C where A is 29%; B is if the specified employee is resident in Quebec at the end of the year, 0%, if the specified employee is resident in a province other than Quebec at the end of the year, the highest percentage rate of tax, including surtaxes but not taxes that are limited to a maximum amount, imposed by the province for the year on the income of an individual who is a resident of the province, or in any other case, 14%; and C is the total of all excess EPSP amounts of the specified employee for the year.