Income Tax Act

Version of section 127.531 from 2009-12-15 to 2011-12-14:

Marginal note:Basic minimum tax credit determined

 An individual’s basic minimum tax credit for a taxation year is the total of all amounts each of which is

  • (a) an amount deducted under subsection 118(1), (2) or (10) or 118.3(1) or any of sections 118.01 to 118.05 and 118.5 to 118.7 in computing the individual’s tax payable for the year under this Part; or

  • (b) the amount that was claimed under section 118.1 or 118.2 in computing the individual’s tax payable for the year under this Part, determined without reference to this Division, to the extent that the amount claimed does not exceed the maximum amount deductible under that section in computing the individual’s tax payable for the year under this Part, determined without reference to this Division.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 127.531;
  • 2006, c. 4, s. 76;
  • 2007, c. 2, s. 35;
  • 2009, c. 31, s. 14.
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