Income Tax Act

Version of section 118.81 from 2017-01-01 to 2017-09-27:

Marginal note:Tuition tax credit transferred

 In this subdivision, the tuition tax credit transferred for a taxation year by a person to an individual is the lesser of

  • (a) the amount determined by the formula

    A - B

    where

    A
    is the lesser of
    • (i) the total of all amounts that may be deducted under section 118.5 in computing the person’s tax payable under this Part for the year, and

    • (ii) the amount determined by the formula

      C × D

      where

      C
      is the appropriate percentage for the taxation year, and
      D
      is $5,000.
    B
    is the amount that would be the person’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under any of sections 118 to 118.07, 118.3, 118.61 and 118.7), and
  • (b) the amount for the year that the person designates in writing for the purpose of section 118.8 or 118.9.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1998, c. 19, s. 30;
  • 2001, c. 17, s. 101;
  • 2006, c. 4, s. 66;
  • 2007, c. 2, s. 26;
  • 2009, c. 31, s. 8;
  • 2011, c. 24, s. 33;
  • 2014, c. 20, s. 14;
  • 2016, c. 7, s. 19.
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