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Income Tax Regulations

Version of section 7307 from 2019-06-21 to 2020-11-17:

  •  (1) For the purposes of subsection 13(2), paragraph 13(7)(g), subparagraph 13(7)(h)(iii), subsections 20(4) and (16.1), the description of B in paragraph 67.3(d) and subparagraph 85(1)(e.4)(i) of the Act, the amount prescribed is

    • (a) with respect to an automobile acquired, or leased under a lease entered into, after August 1989 and before 1991, $24,000; and

    • (b) with respect to an automobile acquired, or leased under a lease entered into, after 1990, the amount determined by the formula

      A + B

      where

      A
      is, with respect to an automobile acquired, or leased under a lease entered into,
      • (i) before 1997, $24,000,

      • (ii) in 1997, $25,000,

      • (iii) in 1998 or 1999, $26,000,

      • (iv) in 2000, $27,000, or

      • (v) after 2000, $30,000, and

      B
      is the sum that would have been payable in respect of federal and provincial sales taxes on the acquisition of the automobile if it had been acquired, at a cost equal to A before the application of the federal and provincial sales taxes, if the automobile
      • (i) was acquired, at the time of the acquisition, or

      • (ii) was leased, at the time the lease was entered into.

  • (1.1) For the purposes of paragraph 13(7)(i) of the Act, the amount prescribed in respect of a zero-emission passenger vehicle of a taxpayer is the amount determined by the formula

    A + B

    where

    A
    is $55,000; and
    B
    is the sum that would have been payable in respect of federal and provincial sales taxes on the acquisition of the vehicle if it had been acquired by the taxpayer at a cost equal to A, before the application of the federal and provincial sales taxes.
  • (2) For the purpose of the description of A in section 67.2 of the Act, the amount prescribed in respect of an automobile that is acquired either after August 1989 and before 1997 or after 2000 is $300.

  • (3) For the purpose of the description of A in paragraph 67.3(c) of the Act, the amount prescribed in respect of a taxation year of a lessee is, with respect to an automobile leased under a lease entered into

    • (a) after August 1989 and before 1991, $650; and

    • (b) after 1990, the amount determined by the formula

      A + B

      where

      A
      is
      • (i) for leases entered into after 1990 but before 1997, $650,

      • (ii) for leases entered into in 1997, $550,

      • (iii) for leases entered into in 1998 or 1999, $650,

      • (iv) for leases entered into in 2000, $700, and

      • (v) for leases entered into after 2000, $800, and

      B
      is the sum of the federal and provincial sales taxes that would have been payable on a monthly payment under the lease in the taxation year of the lessee if, before those taxes, the lease had required monthly payments equal to A.
  • (4) For the purpose of the description of C in paragraph 67.3(d) of the Act, the amount prescribed in respect of an automobile leased under a lease entered into after August 1989 is the amount equal to 100/85 of the amount determined in accordance with subsection (1) in respect of the automobile.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/91-673, s. 4
  • SOR/94-128, s. 2
  • SOR/95-244, s. 7
  • SOR/99-239, s. 3
  • SOR/2000-326, s. 3
  • SOR/2001-253, s. 3
  • 2019, c. 29, s. 59
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