C-8.3 - Act respecting international financial centres

Section 65 Disposition versions

2022-06-08

65. An individual described in section 66 who holds employment with a particular corporation that is referred to in that section may deduct, in computing the individual’s taxable income for a taxation year, an amount not greater than the aggregate of all amounts each of which is determined, in respect of a specified period of the individual in relation to that employment, by the formula

A × B.

In the formula provided for in the first paragraph,

(1)  A is

(a)  100%, if that specified period of the individual is included in the first or second year of the period described in paragraph 4 of section 69,

(b)  75%, if that specified period of the individual is included in the third year of the period described in that paragraph 4,

(c)  50%, if that specified period of the individual is included in the fourth year of the period described in that paragraph 4, or

(d)  37.5%, if that specified period of the individual is included in the fifth year of the period described in that paragraph 4; and

(2)  B is the part of the individual’s income for the year, determined in accordance with section 28 of the Taxation Act (chapter I-3), that may reasonably be considered to be realized in the part of that specified period of the individual that is included in the year.

For the purposes of subparagraph 2 of the second paragraph, the following rules apply:

(1)  if the individual is a member of a partnership in a taxation year, the individual’s share of the income or loss of the partnership for a fiscal period that ended in the year must be considered to be earned or sustained during the part of the year referred to in that subparagraph 2 if the partnership’s fiscal period ends in that part of the year, and to be earned or sustained during another part of the year if the partnership’s fiscal period ends in that other part of the year; and

(2)  if the individual includes an amount in computing the individual’s income for a taxation year under section 313.11 of the Taxation Act, the amount must be considered to be income earned by the individual on the last day of that year.

The specified period of an individual in relation to an employment held by the individual with a particular corporation is any part of the individual’s reference period, in relation to that employment, established under section 69, that is included in any of the five years of the period described in paragraph 4 of that section.

1999, c. 86, s. 65; 2004, c. 21, s. 21; 2005, c. 38, s. 22; 2009, c. 5, s. 4; 2022, c. 23, s. 17.

2009-05-15

65. An individual described in section 66 who holds employment with a particular corporation or partnership that is referred to in that section may deduct, in computing the individual’s taxable income for a taxation year, an amount not greater than the aggregate of all amounts each of which is determined, in respect of a specified period of the individual in relation to that employment, by the formula

A × B.

In the formula provided for in the first paragraph,

(1)  A is

(a)  where the individual entered into the individual’s employment contract with the particular corporation or partnership between 12 June 2003 and 31 March 2004, or entered into that contract before 13 June 2003 but began to perform the duties of that employment after 1 September 2003, 75%,

(a.1)  where the individual entered into the individual’s employment contract with the particular corporation or partnership after 30 March 2004,

i.  100%, if that specified period of the individual is included in the first or second year of the period described in paragraph 4 of section 69,

ii.  75%, if that specified period of the individual is included in the third year of the period described in that paragraph 4,

iii.  50%, if that specified period of the individual is included in the fourth year of the period described in that paragraph 4, or

iv.  37.5%, if that specified period of the individual is included in the fifth year of the period described in that paragraph 4, and

(b)  in any other case, 100%; and

(2)  B is the part of the individual’s income for the year, determined in accordance with section 28 of the Taxation Act (chapter I-3), that may reasonably be considered to be realized in the part of that specified period of the individual that is included in the year.

For the purposes of subparagraph 2 of the second paragraph, the following rules apply:

(1)  if the individual is a member of a partnership in a taxation year, the individual’s share of the income or loss of the partnership for a fiscal period that ended in the year must be considered to be earned or sustained during the part of the year referred to in that subparagraph 2 if the partnership’s fiscal period ends in that part of the year, and to be earned or sustained during another part of the year if the partnership’s fiscal period ends in that other part of the year; and

(2)  if the individual includes an amount in computing the individual’s income for a taxation year under section 313.11 of the Taxation Act, the amount must be considered to be income earned by the individual on the last day of that year.

The specified period of an individual in relation to an employment held by the individual with a particular corporation or partnership is,

(1)  if the employment contract was entered into with the particular corporation or partnership after 30 March 2004, any part of the individual’s reference period, in relation to that employment, established under section 69, that is included in any of the five years of the period described in paragraph 4 of that section; and

(2)  in any other case, the individual’s reference period, in relation to that employment, established under section 69.

1999, c. 86, s. 65; 2004, c. 21, s. 21; 2005, c. 38, s. 22; 2009, c. 5, s. 4.

2005-12-13

65. An individual described in section 66 who holds employment with a particular corporation or partnership that is referred to in that section may deduct, in computing the individual’s taxable income for a taxation year, an amount not greater than the aggregate of all amounts each of which is determined, in respect of a specified period of the individual in relation to that employment, by the formula

A × B.

In the formula provided for in the first paragraph,

(1)  A is

(a)  where the individual entered into the individual’s employment contract with the particular corporation or partnership between 12 June 2003 and 31 March 2004, or entered into that contract before 13 June 2003 but began to perform the duties of that employment after 1 September 2003, 75%,

(a.1)  where the individual entered into the individual’s employment contract with the particular corporation or partnership after 30 March 2004,

i.  100%, if that specified period of the individual is included in the first or second year of the period described in paragraph 4 of section 69,

ii.  75%, if that specified period of the individual is included in the third year of the period described in that paragraph 4,

iii.  50%, if that specified period of the individual is included in the fourth year of the period described in that paragraph 4, or

iv.  37.5%, if that specified period of the individual is included in the fifth year of the period described in that paragraph 4, and

(b)  in any other case, 100%; and

(2)  B is the part of the individual’s income for the year, determined in accordance with section 28 of the Taxation Act (chapter I-3), that may reasonably be considered to be realized in the part of that specified period of the individual that is included in the year.

Where, in a taxation year, the individual is a member of a partnership, the individual’s share of the income or loss of the partnership for a fiscal period ended in the year shall be considered, for the purposes of subparagraph 2 of the second paragraph, to be earned or sustained in the part of the year referred to therein if the fiscal period of the partnership ends in that part of the year, and to be earned or sustained during another part of the year if the fiscal period ends in the other part of the year.

The specified period of an individual in relation to an employment held by the individual with a particular corporation or partnership is,

(1)  if the employment contract was entered into with the particular corporation or partnership after 30 March 2004, any part of the individual’s reference period, in relation to that employment, established under section 69, that is included in any of the five years of the period described in paragraph 4 of that section; and

(2)  in any other case, the individual’s reference period, in relation to that employment, established under section 69.

1999, c. 86, s. 65; 2004, c. 21, s. 21; 2005, c. 38, s. 22.

2004-11-03

65. An individual described in section 66 who holds employment with a particular corporation or partnership that is referred to in that section may deduct, in computing the individual’s taxable income for a taxation year, an amount not greater than the amount determined by the formula

A x B.

In the formula provided for in the first paragraph,

(1)  A is

(a)  75 %, where the individual entered into the individual’s employment contract with the particular corporation or partnership after 12 June 2003 or entered into that contract before 13 June 2003 but began to perform the duties of that employment after 1 September 2003, and

(b)  100 %, in any other case; and

(2)  B is the part of the individual’s income for the year, determined in accordance with section 28 of the Taxation Act (chapter I-3), that may reasonably be considered to be earned in the part of the individual’s reference period, established under section 69, in relation to that employment that is included in the year.

Where, in a taxation year, the individual is a member of a partnership, the individual’s share of the income or loss of the partnership for a fiscal period ended in the year shall be considered, for the purposes of subparagraph 2 of the second paragraph, to be earned or sustained in the part of the year referred to therein if the fiscal period of the partnership ends in that part of the year, and to be earned or sustained during another part of the year if the fiscal period ends in the other part of the year.

1999, c. 86, s. 65; 2004, c. 21, s. 21.

1999-12-20

65. An individual described in section 66 may deduct, in computing the individual’s taxable income for a taxation year, an amount not exceeding the part of the individual’s income for the year, determined in accordance with section 28 of the Taxation Act (chapter I‐3), that may reasonably be considered to be earned during the part of the reference period established in respect of the individual under section 69 that is included in the year.

Where, in a taxation year, the individual is a member of a partnership, the individual’s share of the income or loss of the partnership for a fiscal period ending in the year shall be considered, for the purposes of the first paragraph, to be earned or sustained during the part of the year referred to therein if the fiscal period of the partnership ends in that part of the year, and to be earned or sustained during the other part of the year if the fiscal period ends during the other part of the year.

1999, c. 86, s. 65.