Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

Act current to 2015-02-04 and last amended on 2015-01-02. Previous Versions

Marginal note:Credits in separate returns

 If a separate return of income with respect to a taxpayer is filed under subsection 70(2), 104(23) or 150(4) for a particular period and another return of income under this Part with respect to the taxpayer is filed for a period ending in the calendar year in which the particular period ends, for the purpose of computing the tax payable under this Part by the taxpayer in those returns, the total of all deductions claimed in all those returns under any of subsections 118(3) and (10) and sections 118.01 to 118.7 and 118.9 shall not exceed the total that could be deducted under those provisions for the year with respect to the taxpayer if no separate returns were filed under any of subsections 70(2), 104(23) and 150(4).

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 118.93;
  • 2006, c. 4, s. 68;
  • 2007, c. 2, s. 29.
Marginal note:Tax payable by non-residents (credits restricted)

 Sections 118 to 118.07 and 118.2, subsections 118.3(2) and (3) and sections 118.6, 118.8 and 118.9 do not apply for the purpose of computing the tax payable under this Part for a taxation year by an individual who at no time in the year is resident in Canada unless all or substantially all the individual’s income for the year is included in computing the individual’s taxable income earned in Canada for the year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 118.94;
  • 1994, c. 7, Sch. II, s. 96;
  • 2006, c. 4, s. 68;
  • 2007, c. 2, s. 29;
  • 2009, c. 31, s. 11;
  • 2011, c. 24, s. 35;
  • 2014, c. 20, s. 16.
Marginal note:Credits in year of bankruptcy

 Notwithstanding sections 118 to 118.9, for the purpose of computing an individual’s tax payable under this Part for a taxation year that ends in a calendar year in which the individual becomes bankrupt, the individual shall be allowed only

  • (a) such of the deductions as the individual is entitled to under any of subsections 118(3) and (10) and sections 118.01 to 118.2, 118.5, 118.6, 118.62 and 118.7, as can reasonably be considered wholly applicable to the taxation year, and

  • (b) such part of the deductions as the individual is entitled to under any of sections 118 (other than subsections 118(3) and (10)), 118.3, 118.8 and 118.9 as can reasonably be considered applicable to the taxation year,

except that the total of the amounts so deductible for all taxation years of the individual in the calendar year under any of those provisions shall not exceed the amount that would have been deductible under that provision in respect of the calendar year if the individual had not become bankrupt.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1998, c. 19, s. 136;
  • 1999, c. 22, s. 42;
  • 2006, c. 4, s. 69;
  • 2007, c. 2, s. 30;
  • 2009, c. 31, s. 12.