I-3 - Taxation Act

Section 75.3 Disposition versions

2007-11-07

75.3. An individual who is an eligible apprentice mechanic at any time in the year after 31 December 2001 may deduct an amount not exceeding the lesser of

(a)  the individual’s income for the year computed without reference to this section; and

(b)  the amount determined by the formula

(A − B) + C.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the aggregate of all amounts each of which is the cost to the individual of an eligible tool acquired in the year by the individual or, if the individual first becomes employed as an eligible apprentice mechanic in the year, the cost to the individual of an eligible tool acquired by the individual in the last three months of the preceding taxation year;

(b)  B is the lesser of

i.  the aggregate determined for the year under subparagraph a in respect of the individual, and

ii.  the greater of

(1)  the total of $500 and the amount determined for the year for B in the formula in the first paragraph of section 75.2.1, and

(2)  5% of the amount determined under the third paragraph; and

(c)  C is the amount by which the amount determined under subparagraph b of the first paragraph for the preceding taxation year in respect of the individual exceeds the amount deducted under this section for that preceding taxation year by the individual.

The amount to which subparagraph 2 of subparagraph ii of subparagraph b of the second paragraph refers is equal to the aggregate of

(a)  the aggregate of all amounts each of which is the individual’s income for the year from employment as an eligible apprentice mechanic, computed without reference to this section; and

(b)  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.

No amount may be deducted for the year by an individual under the first paragraph, unless the individual files with the Minister, together with the individual’s fiscal return for the year under this Part, the prescribed form referred to in paragraph c of the definition of “eligible tool” in the first paragraph of section 75.2.

2004, c. 8, s. 16; 2007, c. 12, s. 29.

2006-03-01

75.3. An individual who is an eligible apprentice mechanic at any time in the year after 31 December 2001 may deduct an amount not exceeding the lesser of

(a)  the individual’s income for the year computed without reference to this section; and

(b)  the amount determined by the formula

(A - B) + C.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the aggregate of all amounts each of which is the cost to the individual of an eligible tool acquired in the year by the individual or, if the individual first becomes employed as an eligible apprentice mechanic in the year, the cost to the individual of an eligible tool acquired by the individual in the last three months of the preceding taxation year;

(b)  B is the lesser of

i.  the aggregate determined for the year under subparagraph a in respect of the individual, and

ii.   the greater of $1,000 and 5% of the aggregate of all amounts, each of which is the individual’s income from employment for the year as an eligible apprentice mechanic, computed without reference to this section; and

(c)  C is the amount by which the amount determined under subparagraph b of the first paragraph for the preceding taxation year in respect of the individual exceeds the amount deducted under this section for that preceding taxation year by the individual.

No amount may be deducted for the year by an individual under the first paragraph, unless the individual files with the Minister, together with the individual’s fiscal return for the year under this Part, the prescribed form referred to in paragraph c of the definition of “eligible tool” in the first paragraph of section 75.2.

2004, c. 8, s. 16.