I-3 - Taxation Act

Section 725.6 Disposition versions

2019-06-19

725.6. (Repealed).

1987, c. 67, s. 141; 1988, c. 4, s. 52; 1988, c. 18, s. 123; 1989, c. 77, s. 74; 1999, c. 83, s. 75; 2000, c. 39, s. 40; 2002, c. 40, s. 48; 2003, c. 9, s. 51; 2004, c. 21, s. 105; 2013, c. 10, s. 40; 2019, c. 14, s. 188.

2013-06-05

725.6. Subject to paragraph g of each of sections 737.18, 737.18.13 and 737.18.35 and paragraph e of each of sections 737.22, 737.22.0.0.4, 737.22.0.0.8, 737.22.0.4, 737.22.0.4.8 and 737.22.0.8, an individual who has, by virtue of sections 487.1 to 487.6, included an amount in computing the individual’s income for the year in respect of a benefit received by the individual in respect of a home relocation loan, may deduct an amount equal to the least of

(a)  the amount of the benefit that would have been deemed to have been received by the individual under sections 487.1 to 487.6 in the year if those sections had applied only in respect of the home relocation loan;

(b)  the amount of interest for the year that would be computed at the prescribed rate referred to in section 487.2 in respect of the home relocation loan of the individual if that loan were in the amount of $25,000 and were extinguished on the earlier of

i.  the day that is five years after the day on which the home relocation loan was made, and

ii.  the day on which the home relocation loan was extinguished; and

(c)  the amount of the benefit he is deemed to have received under sections 487.1 to 487.6 in the year.

1987, c. 67, s. 141; 1988, c. 4, s. 52; 1988, c. 18, s. 123; 1989, c. 77, s. 74; 1999, c. 83, s. 75; 2000, c. 39, s. 40; 2002, c. 40, s. 48; 2003, c. 9, s. 51; 2004, c. 21, s. 105; 2013, c. 10, s. 40.

2006-03-01

725.6. Subject to paragraph g of each of sections 737.18, 737.18.13 and 737.18.35 and paragraph e of each of sections 737.22, 737.22.0.0.4, 737.22.0.0.8, 737.22.0.4 and 737.22.0.8, an individual who has, by virtue of sections 487.1 to 487.6, included an amount in computing the individual’s income for the year in respect of a benefit received by the individual in respect of a home relocation loan, may deduct an amount equal to the least of

(a)  the amount of the benefit that would have been deemed to have been received by the individual under sections 487.1 to 487.6 in the year if those sections had applied only in respect of the home relocation loan;

(b)  the amount of interest for the year that would be computed at the prescribed rate referred to in section 487.2 in respect of the home relocation loan of the individual if that loan were in the amount of $25,000 and were extinguished on the earlier of

i.  the day that is five years after the day on which the home relocation loan was made, and

ii.  the day on which the home relocation loan was extinguished; and

(c)  the amount of the benefit he is deemed to have received under sections 487.1 to 487.6 in the year.

1987, c. 67, s. 141; 1988, c. 4, s. 52; 1988, c. 18, s. 123; 1989, c. 77, s. 74; 1999, c. 83, s. 75; 2000, c. 39, s. 40; 2002, c. 40, s. 48; 2003, c. 9, s. 51; 2004, c. 21, s. 105.