Income Tax Act

Marginal note:Tax payable under this Part

• 117 (1) For the purposes of this Division, except section 120 (other than subparagraph (a)(ii) of the definition tax otherwise payable under this Part in subsection 120(4)), tax payable under this Part, tax otherwise payable under this Part and tax under this Part shall be computed as if this Part were read without reference to Division E.1.

• Marginal note:Rates for years after 2000

  (2) The tax payable under this Part by an individual on the individual’s taxable income or taxable income earned in Canada, as the case may be, (in this subdivision referred to as the “amount taxable”) for a taxation year is

  • (a) 16% of the amount taxable, if the amount taxable does not exceed $30,754;

  • (b) $4,921 plus 22% of the amount by which the amount taxable exceeds $30,754, if the amount taxable exceeds $30,754 and does not exceed $61,509;

  • (b.1) $11,687 plus 26% of the amount by which the amount taxable exceeds $61,509, if the amount taxable exceeds $61,509 and does not exceed $100,000; and

  • (c) $21,695 plus 29% of the amount by which the amount taxable exceeds $100,000, if the amount taxable exceeds $100,000.

• Marginal note:Minimum thresholds for 2004

  (3) Each of the amounts of $30,754, $61,509 and $100,000 referred to in subsection (2) is deemed, for the purposes of applying subsection (2) to the 2004 taxation year, to be the greater of

  • (a) the amount that would be used for the 2004 taxation year if this section were read without reference to this subsection, and

  • (b) in the case of

    • (i) the amount of $30,754, $35,000,

    • (ii) the amount of $61,509, $70,000, and

    • (iii) the amount of $100,000, $113,804.

• (6) [Repealed, 2000, c. 19, s. 22(2)]

• (7) [Repealed, 1994, c. 7, Sch. VII, s. 6(1)]