I-3, r. 1 - Regulation respecting the Taxation Act

Section 130.1r2 Disposition versions

2012-09-01

130.1R2. For the purposes of the third paragraph of section 130.1 of the Act, the prescribed part of the excess amount referred to in the first paragraph of that section at the end of a taxation year in respect of the depreciable property of a taxpayer of a class referred to in Schedule B that includes an automobile is

(a)  where the year is a taxation year beginning before 18 June 1987 and ending after 31 December 1987, and where the automobile was acquired by the taxpayer after 17 June 1987 otherwise than in accordance with an obligation in writing entered into before 18 June 1987 and is not an automobile described in subparagraph c of the second paragraph of section 130.1R1, an amount equal to what that excess amount would be if the cost of the automobile to the taxpayer did not exceed $16,000; and

(b)  in all other cases, an amount equal to what that excess amount would be if

i.  the cost of the automobile to the taxpayer, other than an automobile described in subparagraph a or c of the second paragraph of section 130.1R1 or a passenger vehicle that the taxpayer acquired during the 1987 taxation year, did not exceed $16,000; and

ii.  where the year is the 1988 taxation year or a taxation year subsequent to the 1988 taxation year and where the taxpayer has, without interruption since the year in question, used the automobile in part for the purpose of earning income and in part for personal use, the aggregate of the amounts each of which is an amount that the taxpayer deducted as an allowance in respect of the automobile in computing the taxpayer’s income for a preceding taxation year, referred to as “particular preceding taxation year” in this subparagraph, for which section 130R4 of the preceding Regulation, within the meaning of section 2000R1, applied in respect of the automobile and which, where applicable, is not a taxation year that ended before a taxation year preceding to the 1988 taxation year, for which that section 130R4 did not apply in respect of the automobile, was equal to the aggregate of the amounts each of which is an amount determined, according to the formula in subparagraph b of the first paragraph of section 130R21, in respect of the automobile for a particular preceding taxation year.

s. 130.1R2; O.C. 1697-92, s. 49; O.C. 134-2009, s. 1.