I-3 - Taxation Act

Section 776.60 Disposition versions

2019-06-19

776.60. For the purposes of section 776.51 and subject to the second paragraph, an amount otherwise deductible by the individual for the year in computing the individual’s taxable income or the individual’s taxable income earned in Canada, as the case may be, other than an amount referred to in this Title, must be equal to the amount that would otherwise be deductible were it not for this Book.

The only amounts deductible by the individual for the year in computing the individual’s taxable income or the individual’s taxable income earned in Canada, as the case may be, under sections 725, 725.4 and 725.5 are

(a)  as regards section 725, the amount that would be deductible under that section if section 776.56 were applicable in computing the individual’s income for the year;

(b)  (subparagraph repealed);

(c)  as regards sections 725.4 and 725.5, 1/2 of the amounts deducted under those sections.

1988, c. 4, s. 79; 1989, c. 5, s. 151; 1990, c. 7, s. 77; 1992, c. 1, s. 83; 1993, c. 16, s. 292; 1993, c. 64, s. 91; 1995, c. 63, s. 91; 1997, c. 14, s. 140; 2000, c. 39, s. 97; 2003, c. 2, s. 246; 2005, c. 23, s. 119; 2019, c. 14, s. 269.

2006-03-01

776.60. For the purposes of section 776.51, the individual shall not deduct any amount for the year in computing the individual’s taxable income or the individual’s taxable income earned in Canada, as the case may be, under section 725.6.

However, subject to the third paragraph, an amount otherwise deductible by the individual for the year in computing the individual’s taxable income or the individual’s taxable income earned in Canada, as the case may be, other than an amount referred to in this Title, shall be equal to the amount that would otherwise be deductible were it not for this Book.

The only amounts deductible by the individual for the year in computing the individual’s taxable income or the individual’s taxable income earned in Canada, as the case may be, under sections 725, 725.4 and 725.5 are

(a)  as regards section 725, the amount that would be deductible under that section if section 776.56 were applicable in computing the individual’s income for the year;

(b)  (subparagraph repealed);

(c)  as regards sections 725.4 and 725.5, 1/2 of the amounts deducted under those sections.

1988, c. 4, s. 79; 1989, c. 5, s. 151; 1990, c. 7, s. 77; 1992, c. 1, s. 83; 1993, c. 16, s. 292; 1993, c. 64, s. 91; 1995, c. 63, s. 91; 1997, c. 14, s. 140; 2000, c. 39, s. 97; 2003, c. 2, s. 246; 2005, c. 23, s. 119.