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I-3 - Taxation Act

Section 487.2
Disposition versions

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487.2. The amount to which the first paragraph of section 487.1 refers is the amount by which the amount computed under section 487.2.1 is exceeded by the aggregate of all amounts each of which is the interest, computed at the prescribed rate, in respect of each such debt for the period of the year in which it was unpaid, or the interest paid or payable for the year in respect of each such debt
(a)  by a person or partnership that employed or planned to employ the individual;
(b)  by a person or partnership to which or for which the corporation provided or was to provide services; or
(c)  by a person who was not a debtor of the debt and who was related to the person or partnership described in paragraph a or was not dealing at arm’s length with the person or partnership described in paragraph b.
1978, c. 26, s. 82; 1982, c. 5, s. 112; 1983, c. 44, s. 26; 1986, c. 15, s. 85; 1986, c. 19, s. 112; 1997, c. 3, s. 71; 2001, c. 53, s. 75; 2010, c. 25, s. 35; 2020, c. 16, s. 71.
487.2. The amount provided for in the first paragraph of section 487.1 is obtained by subtracting the amount computed under section 487.2.1 from the aggregate of the interest, computed at the prescribed rate, in respect of each such debt for the period of the year in which it was unpaid and the interest paid or payable for the year in respect of each such debt
(a)  by a person or a partnership that employed or planned to employ the individual;
(b)  by a person or partnership to which or for which the corporation provided or was to provide services; or
(c)  by a person who was not a debtor of the debt and who was related to the person or partnership contemplated in subparagraph a or was not dealing at arm’s length with the person or partnership contemplated in subparagraph b.
1978, c. 26, s. 82; 1982, c. 5, s. 112; 1983, c. 44, s. 26; 1986, c. 15, s. 85; 1986, c. 19, s. 112; 1997, c. 3, s. 71; 2001, c. 53, s. 75; 2010, c. 25, s. 35.
487.2. The amount provided for in the first paragraph of section 487.1 is obtained by subtracting the amount computed under section 487.2.1 from the aggregate of the interest, computed at the prescribed rate, in respect of each such debt for the period of the year in which it was unpaid and the interest paid or payable for the year in respect of each such debt
(a)  by a person or a partnership that employed or planned to employ the individual;
(b)  by a person or partnership to which or for which the corporation provided or was to provide services; or
(c)  by a person who was not a debtor of the debt and who was related to the person or partnership contemplated in subparagraph a or was not dealing at arm’s length with the person or partnership contemplated in subparagraph b.
A rate lower than the rate contemplated in the first paragraph may be prescribed in the case of an individual who has received a loan from his employer within the scope of a program prescribed to stimulate housing construction.
1978, c. 26, s. 82; 1982, c. 5, s. 112; 1983, c. 44, s. 26; 1986, c. 15, s. 85; 1986, c. 19, s. 112; 1997, c. 3, s. 71; 2001, c. 53, s. 75.
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