I-3 - Taxation Act

Section 75.5 Disposition versions

2007-11-07

75.5. Except for the purposes of subparagraph i of subparagraph a of the second paragraph of section 75.2.1 and subparagraph a of the second paragraph of section 75.3, the cost to an individual of an eligible tool the cost of which was included in computing the aggregate determined under either of those provisions in respect of the individual for a taxation year is equal to the amount determined by the formula

A − (A × B / C).

In the formula provided for in the first paragraph,

(a)  A is the cost to the individual of the eligible tool, computed without reference to this section;

(b)  B is

i.  if the tool is an eligible tool in respect of which only section 75.2.1 applies for the year, the amount that is deductible by the individual for the year under that section,

ii.  if the tool is an eligible tool in respect of which only section 75.3 applies for the year, the amount that would be determined under subparagraph b of the first paragraph of section 75.3 in respect of the individual for the year if the excess amount determined under subparagraph c of the second paragraph of that section were nil, and

iii.  if the tool is an eligible tool in respect of which sections 75.2.1 and 75.3 apply for the year, the aggregate of

(1)  the amount that is deductible by the individual for the year under section 75.2.1, and

(2)  the amount that would be determined under subparagraph b of the first paragraph of section 75.3 in respect of the individual for the year if the excess amount determined under subparagraph c of the second paragraph of that section were nil; and

(c)  C is

i.  if the tool is an eligible tool in respect of which only section 75.2.1 applies for the year, the aggregate determined under subparagraph i of subparagraph a of the second paragraph of that section in respect of the individual for the year,

ii.  if the tool is an eligible tool in respect of which only section 75.3 applies for the year, the aggregate determined under subparagraph a of the second paragraph of that section in respect of the individual for the year, and

iii.  if the tool is an eligible tool in respect of which sections 75.2.1 and 75.3 apply for the year, the greater of the aggregate determined under subparagraph i of subparagraph a of the second paragraph of section 75.2.1 in respect of the individual for the year and the aggregate determined under subparagraph a of the second paragraph of section 75.3 in respect of the individual for the year.

2004, c. 8, s. 16; 2007, c. 12, s. 30.

2006-03-01

75.5. Except for the purposes of subparagraph a of the second paragraph of section 75.3, the cost to an individual of an eligible tool the cost of which was included in computing the aggregate determined under that subparagraph in respect of the individual for a taxation year is the amount determined by the formula

A − (A × B / C).

In the formula provided for in the first paragraph,

(a)  A is the cost to the individual of the eligible tool, computed without reference to this section;

(b)  B is the amount that would be determined under subparagraph b of the first paragraph of section 75.3 in respect of the individual for the year if the excess amount determined under subparagraph c of the second paragraph of that section were nil; and

(c)  C is the aggregate determined under subparagraph a of the second paragraph of section 75.3 in respect of the individual for the year.

2004, c. 8, s. 16.