I-3 - Taxation Act

Section 776.41.14 Disposition versions

2023-09-26

776.41.14. An individual who is the father or mother of an eligible student for a taxation year may deduct from the individual’s tax otherwise payable for the year under this Part the amount that the eligible student transfers to the individual for the year, for the purposes of this Title, by means of the prescribed form containing prescribed information and that may not exceed the amount determined by the formula

A - B - C.

In the formula in the first paragraph,

(a)  A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by

i.  $12,638, if the eligible student began in the year at least two recognized terms of study, or

ii.  the amount by which $12,638 exceeds $3,537, if the eligible student began in the year only one recognized term of study;

(b)  B is the total of

i.  the amount obtained by multiplying the percentage determined under section 750.1 for the year by the aggregate of all amounts each of which is an amount determined for the year under any of sections 752.0.0.4 to 752.0.0.6 in respect of the eligible student, or

ii.  the aggregate of all amounts each of which has been paid, in the year, to the eligible student in respect of an amount deemed under section 1029.8.116.16 to be an overpayment of the eligible student’s tax payable or of another individual’s tax payable; and

(c)  C is the eligible student’s tax otherwise payable for the year under this Part, computed without reference to the deductions under this Book.

For the purpose of determining, for a taxation year, the amount that an eligible student who reaches 18 years of age in the year may transfer to an individual for the purposes of the first paragraph, subparagraph a of the second paragraph is to be read as follows:

“(a) A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by the total of

i.  $3,537 in respect of each recognized term of study, without exceeding two, that the eligible student began in the year, and

ii.  the proportion that the number of months in the year following the month in which the eligible student reaches 18 years of age is of 12, multiplied by the amount by which $12,638 exceeds the amount obtained by multiplying $3,537 by 2;”

An individual may deduct an amount under this section in computing the individual’s tax otherwise payable under this Part for a taxation year only if

(a)  the individual files a fiscal return for the year under this Part; and

(b)  the eligible student of whom the individual is the father or mother files a fiscal return for the year under this Part, together with the prescribed form.

2009, c. 5, s. 328; 2010, c. 25, s. 86; 2011, c. 6, s. 169; 2015, c. 36, s. 55; 2017, c. 29, s. 162; 2023, c. 19, s. 59.

2017-12-07

776.41.14. An individual who is the father or mother of an eligible student for a taxation year may deduct from the individual’s tax otherwise payable for the year under this Part the amount that the eligible student transfers to the individual for the year, for the purposes of this Title, by means of the prescribed form containing prescribed information and that may not exceed the amount determined by the formula

A - B - C.

In the formula in the first paragraph,

(a)  A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by

i.  $10,222, if the eligible student began in the year at least two recognized terms of study, or

ii.  the amount by which $10,222 exceeds $2,861, if the eligible student began in the year only one recognized term of study;

(b)  B is the total of

i.  the amount obtained by multiplying the percentage determined under section 750.1 for the year by the aggregate of all amounts each of which is an amount determined for the year under any of sections 752.0.0.4 to 752.0.0.6 in respect of the eligible student, or

ii.  the aggregate of all amounts each of which has been paid, in the year, to the eligible student in respect of an amount deemed under section 1029.8.116.16 to be an overpayment of the eligible student’s tax payable or of another individual’s tax payable; and

(c)  C is the eligible student’s tax otherwise payable for the year under this Part, computed without reference to the deductions under this Book.

For the purpose of determining, for a taxation year, the amount that an eligible student who reaches 18 years of age in the year may transfer to an individual for the purposes of the first paragraph, subparagraph a of the second paragraph is to be read as follows:

“(a) A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by the total of

i.  $2,861 in respect of each recognized term of study, without exceeding two, that the eligible student began in the year, and

ii.  the proportion that the number of months in the year following the month in which the eligible student reaches 18 years of age is of 12, multiplied by the amount by which $10,222 exceeds the amount obtained by multiplying $2,861 by 2;

An individual may deduct an amount under this section in computing the individual’s tax otherwise payable under this Part for a taxation year only if

(a)  the individual files a fiscal return for the year under this Part; and

(b)  the eligible student of whom the individual is the father or mother files a fiscal return for the year under this Part, together with the prescribed form.

2009, c. 5, s. 328; 2010, c. 25, s. 86; 2011, c. 6, s. 169; 2015, c. 36, s. 55; 2017, c. 29, s. 162.

2015-12-04

776.41.14. An individual who is the father or mother of an eligible student for a taxation year may deduct from the individual’s tax otherwise payable for the year under this Part the amount that the eligible student transfers to the individual for the year, for the purposes of this Title, by means of the prescribed form containing prescribed information and that may not exceed the amount determined by the formula

A - B - C.

In the formula in the first paragraph,

(a)  A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by

i.  $6,650, if the eligible student began in the year at least two recognized terms of study, or

ii.  the amount by which $6,650 exceeds $1,860, if the eligible student began in the year only one recognized term of study;

(b)  B is the total of

i.  the amount obtained by multiplying the percentage determined under section 750.1 for the year by the aggregate of all amounts each of which is an amount determined for the year under any of sections 752.0.0.4 to 752.0.0.6 in respect of the eligible student, or

ii.  the aggregate of all amounts each of which has been paid, in the year, to the eligible student in respect of an amount deemed under section 1029.8.116.16 to be an overpayment of the eligible student’s tax payable or of another individual’s tax payable; and

(c)  C is the eligible student’s tax otherwise payable for the year under this Part, computed without reference to the deductions under this Book.

For the purpose of determining, for a taxation year, the amount that an eligible student who reaches 18 years of age in the year may transfer to an individual for the purposes of the first paragraph, subparagraph a of the second paragraph is to be read as follows:

“(a) A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by the total of

i. $1,860 in respect of each recognized term of study, without exceeding two, that the eligible student began in the year, and

ii. the proportion that the number of months in the year following the month in which the eligible student reaches 18 years of age is of 12, multiplied by the amount by which $6,650 exceeds the amount obtained by multiplying $1,860 by 2; and”.

An individual may deduct an amount under this section in computing the individual’s tax otherwise payable under this Part for a taxation year only if

(a)  the individual files a fiscal return for the year under this Part; and

(b)  the eligible student of whom the individual is the father or mother files a fiscal return for the year under this Part, together with the prescribed form.

2009, c. 5, s. 328; 2010, c. 25, s. 86; 2011, c. 6, s. 169; 2015, c. 36, s. 55.

2011-06-06

776.41.14. An individual who is the father or mother of an eligible student for a taxation year may deduct from the individual’s tax otherwise payable for the year under this Part the amount that the eligible student transfers to the individual for the year, for the purposes of this Title, by means of the prescribed form containing prescribed information and that may not exceed the amount determined by the formula

A - B - C.

In the formula in the first paragraph,

(a)  A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by

i.  $6,650, if the eligible student began in the year at least two recognized terms of study, or

ii.  the amount by which $6,650 exceeds $1,860, if the eligible student began in the year only one recognized term of study;

(b)  B is the total of

i.  the amount obtained by multiplying the percentage determined under section 750.1 for the year by the aggregate of all amounts each of which is an amount determined for the year under any of sections 752.0.0.4 to 752.0.0.6 in respect of the eligible student, or

ii.  the aggregate of all amounts each of which is an amount deemed, for a particular month, under section 1029.8.116.16, to be an overpayment of the eligible student’s tax payable for the year in respect of the particular month; and

(c)  C is the eligible student’s tax otherwise payable for the year under this Part, computed without reference to the deductions under this Book.

For the purpose of determining, for a taxation year, the amount that an eligible student who reaches 18 years of age in the year may transfer to an individual for the purposes of the first paragraph, subparagraph a of the second paragraph is to be read as follows:

“(a) A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by the total of

i. $1,860 in respect of each recognized term of study, without exceeding two, that the eligible student began in the year, and

ii. the proportion that the number of months in the year following the month in which the eligible student reaches 18 years of age is of 12, multiplied by the amount by which $6,650 exceeds the amount obtained by multiplying $1,860 by 2; and”.

An individual may deduct an amount under this section in computing the individual’s tax otherwise payable under this Part for a taxation year only if

(a)  the individual files a fiscal return for the year under this Part; and

(b)  the eligible student of whom the individual is the father or mother files a fiscal return for the year under this Part, together with the prescribed form.

2009, c. 5, s. 328; 2010, c. 25, s. 86; 2011, c. 6, s. 169.

2010-10-27

776.41.14. An individual who is the father or mother of an eligible student for a taxation year may deduct from the individual’s tax otherwise payable for the year under this Part the amount that the eligible student transfers to the individual for the year, for the purposes of this Title, by means of the prescribed form containing prescribed information and that may not exceed the amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by

i.  $6,650, if the eligible student began in the year at least two recognized terms of study, or

ii.  the amount by which $6,650 exceeds $1,860, if the eligible student began in the year only one recognized term of study; and

(b)  B is the eligible student’s tax otherwise payable for the year under this Part, computed without reference to the deductions under this Book.

For the purpose of determining, for a taxation year, the amount that an eligible student who reaches 18 years of age in the year may transfer to an individual for the purposes of the first paragraph, subparagraph a of the second paragraph is to be read as follows:

“(a) A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by the total of

i. $1,860 in respect of each recognized term of study, without exceeding two, that the eligible student began in the year, and

ii. the proportion that the number of months in the year following the month in which the eligible student reaches 18 years of age is of 12, multiplied by the amount by which $6,650 exceeds the amount obtained by multiplying $1,860 by 2; and”.

An individual may deduct an amount under this section in computing the individual’s tax otherwise payable under this Part for a taxation year only if

(a)  the individual files a fiscal return for the year under this Part; and

(b)  the eligible student of whom the individual is the father or mother files a fiscal return for the year under this Part, together with the prescribed form.

2009, c. 5, s. 328; 2010, c. 25, s. 86.

2009-05-15

776.41.14. An individual who is the father or mother of an eligible student for a taxation year may deduct from the individual’s tax otherwise payable for the year under this Part the amount that the eligible student transfers to the individual for the year, for the purposes of this Title, by means of the prescribed form containing prescribed information and that may not exceed the amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by

i.  $6,650, if the eligible student began in the year at least two recognized terms of study, or

ii.  the amount by which $6,650 exceeds $1,860, if the eligible student began in the year only one recognized term of study; and

(b)  B is the eligible student’s tax otherwise payable for the year under this Part, computed without reference to the deductions under Book V.

For the purpose of determining, for a taxation year, the amount that an eligible student who reaches 18 years of age in the year may transfer to an individual for the purposes of the first paragraph, subparagraph a of the second paragraph is to be read as follows:

“(a) A is the amount obtained by multiplying the percentage determined under section 750.1 for the year by the total of

i. $1,860 in respect of each recognized term of study, without exceeding two, that the eligible student began in the year, and

ii. the proportion that the number of months in the year following the month in which the eligible student reaches 18 years of age is of 12, multiplied by the amount by which $6,650 exceeds the amount obtained by multiplying $1,860 by 2; and”.

2009, c. 5, s. 328.