I-3 - Taxation Act

Section 75.2.1 Disposition versions

2007-11-07

75.2.1. An individual who is employed as a tradesperson, at any time in the year, may deduct an amount not exceeding the lesser of $500 and the amount determined by the formula

A − B.

In the formula in the first paragraph,

(a)  A is the lesser of

i.  the aggregate of all amounts each of which is the cost to the individual of an eligible tool acquired by the individual after 1 May 2006 and in the year, and

ii.  the aggregate of

(1)  the amount that would be the individual’s income for the year from employment as a tradesperson if this chapter were read without reference to this division, and

(2)  the amount, if any, by which the amount included in computing the individual’s income for the year under paragraph i of section 312 exceeds the amount deducted in computing the individual’s income for the year under paragraph d.3.0.1 of section 336; and

(b)  B is an amount of $1,000.

An individual may deduct an amount for the year under the first paragraph only if the individual sends the Minister the prescribed form referred to in paragraph c of the definition of “eligible tool” in the first paragraph of section 75.2 with the fiscal return the individual is required to file for the year under this Part.

2007, c. 12, s. 28.