I-3 - Taxation Act

Section 130 Disposition versions

2019-06-19

130. A taxpayer may however deduct:

(a)  subject to section 130.0.1, the prescribed part or amount of the capital cost of property to the taxpayer; and

(b)  the lesser of

i.  the portion of the amount (that is not otherwise deductible in computing the income of the taxpayer) that is an expense incurred in the year for the incorporation of a corporation, and

ii.  the amount by which $3,000 exceeds the aggregate of all amounts each of which is an amount deducted by another taxpayer in respect of the incorporation of the corporation.

1972, c. 23, s. 119; 1989, c. 5, s. 42; 1990, c. 59, s. 70; 2003, c. 2, s. 44; 2005, c. 1, s. 55; 2019, c. 14, s. 79.

2006-03-01

130. A taxpayer may however deduct:

(a)  subject to section 130.0.1, the prescribed part or amount of the capital cost of property to the taxpayer; and

(b)  the amount that the taxpayer claims in respect of a business, not exceeding 7% of the eligible incorporeal capital amount in respect of the business at the end of the year except that, where the year is less than 12 months, the amount allowed as a deduction under this paragraph shall not exceed that proportion of the maximum amount otherwise allowable that the number of days in the taxation year is of 365.

1972, c. 23, s. 119; 1989, c. 5, s. 42; 1990, c. 59, s. 70; 2003, c. 2, s. 44; 2005, c. 1, s. 55.