I-3 - Taxation Act

Section 487.0.2 Disposition versions

2010-10-27

487.0.2. A taxpayer who, in a taxation year, carries on a farming business in a region that is a drought region or a region of flood or excessive moisture, within the meaning of the regulations, at any time in the year and whose breeding herd at the end of the year in respect of the business does not exceed 85% of his breeding herd at the beginning of the year in respect of the business, may deduct, in computing his income from the business for the year, an amount not exceeding the amount determined for the year, in respect of the taxpayer’s business, by the formula

(A − B) × C.

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

(a)  A is the amount by which the aggregate of the particular amounts included, in respect of the sale of breeding animals in the year, in computing the taxpayer’s income from the business for the year exceeds the aggregate of all amounts deducted under section 153, in respect of the particular amounts, in computing the taxpayer’s income from the business for the year;

(b)  B is the aggregate of all amounts deducted, in respect of the acquisition of breeding animals, in computing the taxpayer’s income from the business for the year;

(c)  C is 30% where the taxpayer’s breeding herd at the end of the year in respect of the business exceeds 70% of his breeding herd at the beginning of the year in respect of the business, and 90% in all other cases.

1991, c. 25, s. 79; 2010, c. 25, s. 33.

2006-03-01

487.0.2. A taxpayer who, in a taxation year, carries on a farming business in a region that is a drought region, within the meaning of the regulations, at any time in the year and whose breeding herd at the end of the year in respect of the business does not exceed 85% of his breeding herd at the beginning of the year in respect of the business, may deduct, in computing his income from the business for the year, an amount not exceeding the amount determined for the year, in respect of the taxpayer’s business, by the formula

(A − B) × C.

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

(a)  A is the amount by which the aggregate of the particular amounts included, in respect of the sale of breeding animals in the year, in computing the taxpayer’s income from the business for the year exceeds the aggregate of all amounts deducted under section 153, in respect of the particular amounts, in computing the taxpayer’s income from the business for the year;

(b)  B is the aggregate of all amounts deducted, in respect of the acquisition of breeding animals, in computing the taxpayer’s income from the business for the year;

(c)  C is 30% where the taxpayer’s breeding herd at the end of the year in respect of the business exceeds 70% of his breeding herd at the beginning of the year in respect of the business, and 90% in all other cases.

1991, c. 25, s. 79.