I-3 - Taxation Act

Section 4 Disposition versions

2006-03-01

4. The amount which a taxpayer shall subtract from the amount determined under section 3 is,

(a)  where the taxpayer is the only person who has received an amount under section 3, the lesser of

i.  the aggregate of all amounts so received by the taxpayer in the year, and

ii.  the amount, if any, by which $10,000 exceeds the aggregate of all amounts received by the taxpayer in preceding taxation years upon or after the death of the employee in recognition of the employee’s service in an office or employment;

(b)  in all other cases, the lesser of

i.  the aggregate of all amounts so received by the taxpayer in the year, and

ii.  such proportion of $10,000 as the aggregate described in subparagraph i is of the aggregate of all amounts received by all taxpayers at any time upon or after the death of the employee in recognition of the employee’s service in an office or employment.

1972, c. 23, s. 4; 1986, c. 19, s. 2; 1994, c. 22, s. 45; 1997, c. 14, s. 11.