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I-3 - Taxation Act

Section 487.5.1
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487.5.1. For the purpose of computing the benefit under the first paragraph of section 487.1 in a taxation year in respect of a debt contracted for a home purchase loan or a home relocation loan, the aggregate of all amounts each of which is the interest on all such debts, computed at the prescribed rate for the period in the year during which it was outstanding, must not exceed the aggregate of the amounts that would have been determined in this manner if the interest had been computed at the rate of 8% in the case of a debt contracted before 1 May 1987 or, in any other case, at the prescribed rate in effect at the time the debt was contracted.
1988, c. 4, s. 35; 2001, c. 53, s. 76; 2019, c. 14, s. 146; 2020, c. 16, s. 74.
487.5.1. For the purpose of computing the benefit under the first paragraph of section 487.1 in a taxation year in respect of a debt contracted for a home purchase loan or a home relocation loan, the amount of the aggregate of all interest on all such debts computed at the prescribed rate on each such debt for the period in the year during which it was outstanding must not exceed the amount of interest that would have been determined in this manner if it had been computed at the rate of 8% in the case of a debt contracted before 1 May 1987 or, in any other case, at the prescribed rate in effect at the time the debt was contracted.
1988, c. 4, s. 35; 2001, c. 53, s. 76; 2019, c. 14, s. 146.
487.5.1. For the purposes of computing the benefit under the first paragraph of section 487.1 in a taxation year in respect of a debt contracted for a home purchase loan or a home relocation loan and for the purposes of section 725.6, the amount of the aggregate of all interest on all such debts computed at the prescribed rate on each such debt for the period in the year during which it was outstanding shall not exceed the amount of interest that would have been determined thereunder if it had been computed at the rate of 8% in the case of a debt contracted before 1 May 1987 or, in any other case, at the prescribed rate in effect at the time the debt was contracted.
1988, c. 4, s. 35; 2001, c. 53, s. 76.
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