Marginal note:Basic minimum tax credit determined
127.531 An individual’s basic minimum tax credit for a taxation year is the total of all amounts each of which is
(a) 1/2 of an amount deducted under any of subsections 118(1), (2), (3) and (10), sections 118.01 to 118.07, subsections 118.3(1), (2) and (3) and sections 118.5 to 118.9 in computing the individual’s tax payable for the year under this Part;
(b) 1/2 of the amount that was claimed under section 118.2 in computing the individual’s tax payable for the year under this Part, determined without reference to this Division, to the extent that the amount claimed does not exceed the maximum amount deductible under that section in computing the individual’s tax payable for the year under this Part, determined without reference to this Division;
(c) 4/5 of the amount that was claimed under section 118.1 in computing the individual’s tax payable for the year under this Part, determined without reference to this Division, to the extent that the amount claimed does not exceed the maximum amount deductible under that section in computing the individual’s tax payable for the year under this Part, determined without reference to this Division; and
(d) an amount deducted under section 119 or subsection 127(1) in computing the individual’s tax payable for the year under this Part.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 127.531
- 2006, c. 4, s. 76
- 2007, c. 2, s. 35
- 2009, c. 31, s. 14
- 2011, c. 24, s. 41
- 2014, c. 20, s. 19
- 2024, c. 17, s. 42
- Date modified: