Versions of s. 67.2

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.

2019-06-21 to present available View Source

For the purposes of this Act, ~~where~~if an amount is paid or payable for a period by a person in respect of interest on borrowed money used to acquire a passenger vehicle or zero-emission passenger vehicle, or on an amount paid or payable for the acquisition of such a vehicle, then in computing the person’s income for a taxation ~~year,~~year the amount of interest so paid or payable ~~shall be~~is deemed to be the lesser of the actual amount paid or payable and the amount determined by the formula A/30 × B where A is $250 or such other amount as may be prescribed; and B is the number of days in the period in respect of which the interest was paid or payable, as the case may be.

Full text

For the purposes of this Act, if an amount is paid or payable for a period by a person in respect of interest on borrowed money used to acquire a passenger vehicle or zero-emission passenger vehicle, or on an amount paid or payable for the acquisition of such a vehicle, then in computing the person’s income for a taxation year the amount of interest so paid or payable is deemed to be the lesser of the actual amount paid or payable and the amount determined by the formula A/30 × B where A is $250 or such other amount as may be prescribed; and B is the number of days in the period in respect of which the interest was paid or payable, as the case may be.
2004-08-31 to 2019-06-21 View Source

For the purposes of this Act, where an amount is paid or payable for a period by a person in respect of interest on borrowed money used to acquire a passenger vehicle or on an amount paid or payable for the acquisition of such a vehicle, in computing the person’s income for a taxation year, the amount of interest so paid or payable shall be deemed to be the lesser of the actual amount paid or payable and the amount determined by the formula A/30 × B where A is $250 or such other amount as may be prescribed; and B is the number of days in the period in respect of which the interest was paid or payable, as the case may be.