I-3 - Taxation Act

Section 776.1.3 Disposition versions

2017-02-08

776.1.3. The amount deductible by an individual for a taxation year under sections 776.1.1 and 776.1.2 must not exceed the amount determined by the formula

0.25A + 0.2B + 0.15C.

In the formula in the first paragraph,

(a)  A is 400% of the aggregate of all amounts each of which is the amount deducted by the individual for the year under section 776.1.1 or 776.1.2, in respect of a share referred to in section 776.1.1.1;

(b)  B is 500% of the aggregate of all amounts each of which is the amount deducted by the individual for the year under section 776.1.1 or 776.1.2, in respect of a share referred to in section 776.1.1.2; and

(c)  C is 100/15 of the aggregate of all amounts each of which is the amount deducted by the individual for the year under section 776.1.1 or 776.1.2 in respect of a share not referred to in section 776.1.1.1 or 776.1.1.2.

The total of the amounts determined in accordance with subparagraphs a to c of the second paragraph in respect of an individual for a taxation year must not exceed $5,000.

1983, c. 44, s. 30; 1987, c. 67, s. 154; 1993, c. 19, s. 64; 1997, c. 14, s. 134; 2001, c. 53, s. 142; 2010, c. 5, s. 76; 2017, c. 1, s. 223.

2010-04-20

776.1.3. The amount deductible by an individual for a taxation year under sections 776.1.1 and 776.1.2 must not exceed

(a)  if the amount solely relates to shares (in this section referred to as “particular shares”) referred to in paragraph b of section 776.1.1 and purchased in the period specified in the second paragraph of section 776.1.1.1, $1,250;

(b)  if the amount relates only to shares other than particular shares, $750; and

(c)  if the amount relates to any combination of particular shares and of shares other than particular shares, the total of

i.  the amount determined by the formula

15% × ($5,000 - A), and

ii.  the amount determined by the formula

25% × ($5,000 - B).

In the formulas in subparagraph c of the first paragraph,

(a)  A is 400% of the aggregate of all amounts each of which is the amount deducted by the individual for the year under section 776.1.1 or 776.1.2 in respect of a particular share; and

(b)  B is 100/15 of the aggregate of all amounts each of which is the amount deducted by the individual for the year under section 776.1.1 or 776.1.2 in respect of a share other than a particular share.

The total of the amounts determined in accordance with subparagraphs a and b of the second paragraph in respect of an individual for a taxation year must not exceed $5,000.

1983, c. 44, s. 30; 1987, c. 67, s. 154; 1993, c. 19, s. 64; 1997, c. 14, s. 134; 2001, c. 53, s. 142; 2010, c. 5, s. 76.

2006-03-01

776.1.3. The amount deductible by an individual for a taxation year under sections 776.1.1 and 776.1.2 shall not exceed $750.

1983, c. 44, s. 30; 1987, c. 67, s. 154; 1993, c. 19, s. 64; 1997, c. 14, s. 134; 2001, c. 53, s. 142.