I-3 - Taxation Act

Section 776.57 Disposition versions

2015-10-21

776.57. For the purposes of section 776.51, the aggregate of all amounts deductible by an individual in computing his income or his taxable income, as the case may be, for the year under sections 359 to 418.12, 419.1 to 419.4, 419.6, 600.1, 600.2 and 726.4.17.10 or section 88.4 of the Act respecting the application of the Taxation Act (chapter I-4), to the extent that that section refers to paragraphs 10 and 12 of section 29 of the Income Tax Application Rules, 1971 (R.S.C. 1985, c. 2, (5th Suppl.)), shall be established as if it were equal to the lesser of

(a)  the aggregate of all amounts otherwise so deductible by the individual in computing his income or his taxable income, as the case may be, for the year; and

(b)  the aggregate of the following amounts:

i.  his income for the year from royalties in respect of, and such part of his income, other than royalties, for the year as may reasonably be considered as attributable to, the production of petroleum, natural gas and minerals, determined before deducting the amounts referred to in paragraph a,

i.1.  his income for the year from property, or from the business of selling the product of property, described in Class 43.1 or 43.2 in Schedule B to the Regulation respecting the Taxation Act (chapter I-3, r. 1), determined before deducting the amounts referred to in paragraph a, and

ii.  all amounts included in computing his income for the year under sections 330 to 333.

1988, c. 4, s. 79; 1989, c. 5, s. 149; 1990, c. 7, s. 76; 1992, c. 1, s. 82; 1998, c. 16, s. 251; 2000, c. 39, s. 95; 2015, c. 21, s. 326.

2006-03-01

776.57. For the purposes of section 776.51, the aggregate of all amounts deductible by an individual in computing his income or his taxable income, as the case may be, for the year under sections 359 to 418.12, 419.1 to 419.4, 419.6, 600.1, 600.2 and 726.4.17.10 or section 88.4 of the Act respecting the application of the Taxation Act (chapter I-4), to the extent that that section refers to paragraphs 10 and 12 of section 29 of the Income Tax Application Rules, 1971 (Revised Statutes of Canada, 1985, chapter 2, 5th Supplement), shall be established as if it were equal to the lesser of

(a)  the aggregate of all amounts otherwise so deductible by the individual in computing his income or his taxable income, as the case may be, for the year; and

(b)  the aggregate of the following amounts:

i.  his income for the year from royalties in respect of, and such part of his income, other than royalties, for the year as may reasonably be considered as attributable to, the production of petroleum, natural gas and minerals, determined before deducting the amounts referred to in paragraph a, and

ii.  all amounts included in computing his income for the year under sections 330 to 333.

1988, c. 4, s. 79; 1989, c. 5, s. 149; 1990, c. 7, s. 76; 1992, c. 1, s. 82; 1998, c. 16, s. 251; 2000, c. 39, s. 95.