2 Section 122.61 of the Income Tax Act is amended by adding the following after subsection (1.1):
Marginal note:Deemed overpayment — COVID-19
(1.2) If the Minister determines before 2024 that an overpayment (for greater certainty, in an amount greater than nil) on account of a person’s liability under this Part for a taxation year is deemed to have arisen during a month under subsection (1), or would be so deemed if this section were read without reference to subsection (2), then an overpayment on account of the person’s liability under this Part for the year is deemed to have arisen during the month, equal to the total of all amounts each of which is an amount in respect of a qualified dependant — in respect of whom the person was an eligible individual at the beginning of the month who has not reached the age of six years at the beginning of the month — determined by the formula
A × B
where
(a) 0.5, if the person is a shared-custody parent in respect of the qualified dependant, and
(b) 1, in any other case; and
(a) if the month is January 2021 or April 2021,
(i) $300, if the person’s adjusted income for 2019 is less than or equal to $120,000, and
(ii) $150 in any other case,
(b) if the month is July 2021 or October 2021,
(i) $300, if the person’s adjusted income for 2020 is less than or equal to $120,000, and
(ii) $150 in any other case, and
(c) in any other case, nil.