Marginal note:Interest on money borrowed for certain vehicles
67.2 For the purposes of this Act, if an amount is paid or payable for a period by a person in respect of interest on borrowed money used to acquire a passenger vehicle or zero-emission passenger vehicle, or on an amount paid or payable for the acquisition of such a vehicle, then in computing the person’s income for a taxation year the amount of interest so paid or payable is deemed to be the lesser of the actual amount paid or payable and the amount determined by the formula
A/30 × B
where
- A
- is $250 or such other amount as may be prescribed; and
- B
- is the number of days in the period in respect of which the interest was paid or payable, as the case may be.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 67.2
- 1994, c. 7, Sch. II, s. 44
- 2019, c. 29, s. 7
- Date modified: