Marginal note:Tuition and education tax credits transferred
118.81 In this subdivision, the tuition and education tax credits 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 or 118.6 in computing the person’s tax payable under this Part for the year, and
(ii) $800, and
- 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 section 118, 118.3, 118.61 or 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 and regulations.]
- 1998, c. 19, s. 30
- 2001, c. 17, s. 101
- Date modified: