I-3 - Taxation Act

Section 175.2 Disposition versions

2023-09-26

175.2. Notwithstanding any other provision of this Part, a taxpayer shall not, in computing his income for a taxation year, deduct any amount under section 147, 160, 163, 176, 176.4 or 179 in respect of borrowed money, or other property acquired by the taxpayer, in respect of any period after which the money or other property is used by the taxpayer for the purpose of

(a)  making a payment after 12 November 1981 as consideration for an income-averaging annuity contract, unless such contract was acquired pursuant to an agreement in writing entered into before 13 November 1981;

(a.1)   making a payment to acquire an income-averaging annuity respecting income from artistic activities;

(b)  paying a premium referred to in paragraph b of subsection 11 of section 18 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));

(c)  making a contribution to a registered pension plan, a pooled registered pension plan or a deferred profit sharing plan, other than a contribution described in paragraph b or c of section 71, as they read for the taxation year 1990, that was required to be made pursuant to an obligation entered into before 13 November 1981, or an amount deductible under section 137 or paragraph b of section 158 in computing the taxpayer’s income;

(d)  making a payment as consideration for an annuity the payment for which deductible in computing his income by virtue of paragraph f of section 339;

(d.1)  making a contribution to a net income stabilization account;

(d.1.0.1)  paying an amount as a contribution to a farm income stabilization account;

(d.1.1)  making a contribution to a retirement compensation arrangement where the contribution was deductible under section 70.2 in computing his income;

(d.2)  (paragraph repealed);

(d.3)  making a contribution to a registered education savings plan;

(d.4)  making a contribution to a registered disability savings plan;

(d.5)  making a contribution to a tax-free savings account;

(d.5.1)  making a contribution to a first home savings account; and

(d.6)  allocating an amount to a tax-free reserve within the meaning of section 979.25;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed).

1984, c. 15, s. 44; 1985, c. 25, s. 35; 1987, c. 67, s. 41; 1990, c. 59, s. 97; 1991, c. 25, s. 55; 1993, c. 16, s. 90; 1994, c. 22, s. 113; 1995, c. 49, s. 50; 1997, c. 14, s. 47; 2000, c. 5, s. 44; 2004, c. 21, s. 63; 2005, c. 23, s. 41; 2009, c. 15, s. 61; 2013, c. 10, s. 19; 2015, c. 21, s. 134; 2023, c. 19, s. 20.

2015-10-21

175.2. Notwithstanding any other provision of this Part, a taxpayer shall not, in computing his income for a taxation year, deduct any amount under section 147, 160, 163, 176, 176.4 or 179 in respect of borrowed money, or other property acquired by the taxpayer, in respect of any period after which the money or other property is used by the taxpayer for the purpose of

(a)  making a payment after 12 November 1981 as consideration for an income-averaging annuity contract, unless such contract was acquired pursuant to an agreement in writing entered into before 13 November 1981;

(a.1)   making a payment to acquire an income-averaging annuity respecting income from artistic activities;

(b)  paying a premium referred to in paragraph b of subsection 11 of section 18 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));

(c)  making a contribution to a registered pension plan, a pooled registered pension plan or a deferred profit sharing plan, other than a contribution described in paragraph b or c of section 71, as they read for the taxation year 1990, that was required to be made pursuant to an obligation entered into before 13 November 1981, or an amount deductible under section 137 or paragraph b of section 158 in computing the taxpayer’s income;

(d)  making a payment as consideration for an annuity the payment for which deductible in computing his income by virtue of paragraph f of section 339;

(d.1)  making a contribution to a net income stabilization account;

(d.1.0.1)  paying an amount as a contribution to a farm income stabilization account;

(d.1.1)  making a contribution to a retirement compensation arrangement where the contribution was deductible under section 70.2 in computing his income;

(d.2)  (paragraph repealed);

(d.3)  making a contribution to a registered education savings plan;

(d.4)  making a contribution to a registered disability savings plan;

(d.5)  making a contribution to a tax-free savings account; and

(d.6)  allocating an amount to a tax-free reserve within the meaning of section 979.25;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed).

1984, c. 15, s. 44; 1985, c. 25, s. 35; 1987, c. 67, s. 41; 1990, c. 59, s. 97; 1991, c. 25, s. 55; 1993, c. 16, s. 90; 1994, c. 22, s. 113; 1995, c. 49, s. 50; 1997, c. 14, s. 47; 2000, c. 5, s. 44; 2004, c. 21, s. 63; 2005, c. 23, s. 41; 2009, c. 15, s. 61; 2013, c. 10, s. 19; 2015, c. 21, s. 134.

2013-06-05

175.2. Notwithstanding any other provision of this Part, a taxpayer shall not, in computing his income for a taxation year, deduct any amount under section 147, 160, 163, 176, 176.4 or 179 in respect of borrowed money, or other property acquired by the taxpayer, in respect of any period after which the money or other property is used by the taxpayer for the purpose of

(a)  making a payment after 12 November 1981 as consideration for an income-averaging annuity contract, unless such contract was acquired pursuant to an agreement in writing entered into before 13 November 1981;

(a.1)   making a payment to acquire an income-averaging annuity respecting income from artistic activities;

(b)  paying a premium referred to in paragraph b of subsection 11 of section 18 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));

(c)  making a contribution to a registered pension plan or a deferred profit sharing plan after 12 November 1981, other than a contribution described in paragraph b or c of section 71, as they read for the taxation year 1990, that was required to be made pursuant to an obligation entered into before 13 November 1981, or an amount deductible by the taxpayer under section 137 or paragraph b of section 158 in computing his income;

(d)  making a payment as consideration for an annuity the payment for which deductible in computing his income by virtue of paragraph f of section 339;

(d.1)  making a contribution to a net income stabilization account;

(d.1.0.1)  paying an amount as a contribution to a farm income stabilization account;

(d.1.1)  making a contribution to a retirement compensation arrangement where the contribution was deductible under section 70.2 in computing his income;

(d.2)  (paragraph repealed);

(d.3)  making a contribution to a registered education savings plan;

(d.4)  making a contribution to a registered disability savings plan; and

(d.5)  making a contribution to a tax-free savings account;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed).

1984, c. 15, s. 44; 1985, c. 25, s. 35; 1987, c. 67, s. 41; 1990, c. 59, s. 97; 1991, c. 25, s. 55; 1993, c. 16, s. 90; 1994, c. 22, s. 113; 1995, c. 49, s. 50; 1997, c. 14, s. 47; 2000, c. 5, s. 44; 2004, c. 21, s. 63; 2005, c. 23, s. 41; 2009, c. 15, s. 61; 2013, c. 10, s. 19.

2009-06-04

175.2. Notwithstanding any other provision of this Part, a taxpayer shall not, in computing his income for a taxation year, deduct any amount under section 147, 160, 163, 176, 176.4 or 179 in respect of borrowed money, or other property acquired by the taxpayer, in respect of any period after which the money or other property is used by the taxpayer for the purpose of

(a)  making a payment after 12 November 1981 as consideration for an income-averaging annuity contract, unless such contract was acquired pursuant to an agreement in writing entered into before 13 November 1981;

(a.1)   making a payment to acquire an income-averaging annuity respecting income from artistic activities;

(b)  paying a premium referred to in paragraph b of subsection 11 of section 18 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));

(c)  making a contribution to a registered pension plan or a deferred profit sharing plan after 12 November 1981, other than a contribution described in paragraph b or c of section 71, as they read for the taxation year 1990, that was required to be made pursuant to an obligation entered into before 13 November 1981, or an amount deductible by the taxpayer under section 137 or paragraph b of section 158 in computing his income;

(d)  making a payment as consideration for an annuity the payment for which deductible in computing his income by virtue of paragraph f of section 339;

(d.1)  making a contribution to a net income stabilization account;

(d.1.0.1)  paying an amount as a contribution to a farm income stabilization account;

(d.1.1)  making a contribution to a retirement compensation arrangement where the contribution was deductible under section 70.2 in computing his income;

(d.2)  paying an amount to any account under a provincial pension plan prescribed by regulation for the purposes of paragraph v of section 60 of the Income Tax Act;

(d.3)  making a contribution to a registered education savings plan;

(d.4)  making a contribution to a registered disability savings plan; and

(d.5)  making a contribution to a tax-free savings account;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed).

1984, c. 15, s. 44; 1985, c. 25, s. 35; 1987, c. 67, s. 41; 1990, c. 59, s. 97; 1991, c. 25, s. 55; 1993, c. 16, s. 90; 1994, c. 22, s. 113; 1995, c. 49, s. 50; 1997, c. 14, s. 47; 2000, c. 5, s. 44; 2004, c. 21, s. 63; 2005, c. 23, s. 41; 2009, c. 15, s. 61.

2006-03-01

175.2. Notwithstanding any other provision of this Part, a taxpayer shall not, in computing his income for a taxation year, deduct any amount under section 147, 160, 163, 176, 176.4 or 179 in respect of borrowed money, or other property acquired by the taxpayer, in respect of any period after which the money or other property is used by the taxpayer for the purpose of

(a)  making a payment after 12 November 1981 as consideration for an income-averaging annuity contract, unless such contract was acquired pursuant to an agreement in writing entered into before 13 November 1981;

(a.1)   making a payment to acquire an income-averaging annuity respecting income from artistic activities;

(b)  paying a premium referred to in paragraph b of subsection 11 of section 18 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement);

(c)  making a contribution to a registered pension plan or a deferred profit sharing plan after 12 November 1981, other than a contribution described in paragraph b or c of section 71, as they read for the taxation year 1990, that was required to be made pursuant to an obligation entered into before 13 November 1981, or an amount deductible by the taxpayer under section 137 or paragraph b of section 158 in computing his income;

(d)  making a payment as consideration for an annuity the payment for which deductible in computing his income by virtue of paragraph f of section 339;

(d.1)  making a contribution to a net income stabilization account;

(d.1.0.1)  paying an amount as a contribution to a farm income stabilization account;

(d.1.1)  making a contribution to a retirement compensation arrangement where the contribution was deductible under section 70.2 in computing his income;

(d.2)  paying an amount to any account under a provincial pension plan prescribed by regulation for the purposes of paragraph v of section 60 of the Income Tax Act;

(d.3)  making a contribution to a registered education savings plan;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed).

1984, c. 15, s. 44; 1985, c. 25, s. 35; 1987, c. 67, s. 41; 1990, c. 59, s. 97; 1991, c. 25, s. 55; 1993, c. 16, s. 90; 1994, c. 22, s. 113; 1995, c. 49, s. 50; 1997, c. 14, s. 47; 2000, c. 5, s. 44; 2004, c. 21, s. 63; 2005, c. 23, s. 41.