I-3 - Taxation Act

Section 421.5 Disposition versions

2021-06-04

421.5. For the purposes of this Part, any interest paid or payable for a period by a person on borrowed money used to acquire a passenger vehicle or a zero-emission passenger vehicle or on an amount paid or payable for such an acquisition is deemed, in computing the income of the person for a taxation year, to be the lesser of the amount paid or payable and the amount determined by the formula

(A / 30) × B.

In the formula in the first paragraph,

(a)  A is $250 or such other amount as may be prescribed;

(b)  B is the number of days in the period in respect of which the interest is paid or payable, as the case may be.

1990, c. 59, s. 168; 1993, c. 16, s. 176; 1994, c. 22, s. 156; 2021, c. 18, s. 44.

2006-03-01

421.5. For the purposes of this Part, any interest paid or payable for a period by a person on borrowed money used to acquire a passenger vehicle or on an amount paid or payable for such an acquisition is deemed, in computing the income of the person for a taxation year, to be the lesser of the amount paid or payable and the amount equal to that determined by the formula

(A / 30) × B.

For the purposes of the formula set forth in the first paragraph,

(a)  A is $250 or such other amount as may be prescribed;

(b)  B is the number of days in the period in respect of which the interest is paid or payable, as the case may be.

1990, c. 59, s. 168; 1993, c. 16, s. 176; 1994, c. 22, s. 156.