I-3 - Taxation Act

Section 1129.64 Disposition versions

2015-10-21

1129.64. Every person (other than a public primary caregiver that is exempt from tax under Part I) shall pay a tax under this Part, for a taxation year, equal to the amount determined by the formula

0.08 (A + B − C).

In the formula provided for in the first paragraph,

(a)  A is the aggregate of all amounts each of which is an accumulated income payment made at any time that is required to be included in computing the person’s income under Part I for the year and that is

i.  under a registered education savings plan under which the person is a subscriber at that time, or

ii.  under a registered education savings plan under which there is no subscriber at that time, where the person has been a spouse of an individual who was a subscriber under the plan;

(b)  B is the aggregate of all amounts each of which is an accumulated income payment that is required to be included in computing the person’s income under Part I for the year but is not included in the value of A in respect of the person for the year; and

(c)  C is the lesser of

i.  the lesser of the value determined under subparagraph a in respect of the person for the year and the aggregate of all amounts each of which is an amount deducted by the person under paragraph b of section 339, where that paragraph refers to sections 922 and 923, in computing the person’s income under Part I for the year, and

ii.  the amount by which $50,000 exceeds the aggregate of all amounts each of which is an amount determined under subparagraph i in respect of the person for a preceding taxation year.

2000, c. 5, s. 290; 2001, c. 53, s. 255; 2015, c. 21, s. 522.

2006-03-01

1129.64. Every person shall pay a tax under this Part, for a taxation year, equal to the amount determined by the formula

0.08 (A + B − C).

In the formula provided for in the first paragraph,

(a)  A is the aggregate of all amounts each of which is an accumulated income payment made at any time that is required to be included in computing the person’s income under Part I for the year and that is

i.  under a registered education savings plan under which the person is a subscriber at that time, or

ii.  under a registered education savings plan under which there is no subscriber at that time, where the person has been a spouse of an individual who was a subscriber under the plan;

(b)  B is the aggregate of all amounts each of which is an accumulated income payment that is required to be included in computing the person’s income under Part I for the year but is not included in the value of A in respect of the person for the year; and

(c)  C is the lesser of

i.  the lesser of the value determined under subparagraph a in respect of the person for the year and the aggregate of all amounts each of which is an amount deducted by the person under paragraph b of section 339, where that paragraph refers to sections 922 and 923, in computing the person’s income under Part I for the year, and

ii.  the amount by which $50,000 exceeds the aggregate of all amounts each of which is an amount determined under subparagraph i in respect of the person for a preceding taxation year.

2000, c. 5, s. 290; 2001, c. 53, s. 255.