C-8.3 - Act respecting international financial centres

Section 71 Disposition versions

2022-06-08

71. (Repealed).

1999, c. 86, s. 71; 2002, c. 40, s. 12; 2004, c. 21, s. 25; 2005, c. 23, s. 16; 2011, c. 1, s. 7; 2022, c. 23, s. 27.

2011-02-17

71. An individual who holds employment with a corporation or partnership operating an international financial centre may deduct, in computing the individual’s taxable income for a taxation year, an amount not exceeding the lesser of

(1)  the total of

(a)  the percentage, specified in the second paragraph, of the aggregate of all amounts each of which is the part of the individual’s wages for the year from an employment with a particular corporation or partnership operating an international financial centre, that may reasonably be attributed to the qualifying period established in respect of the individual under subparagraph 1 of the first paragraph of section 73 in relation to the particular corporation or partnership, except, if applicable, the part of that period that is included in the individual’s reference period, established under section 69, in relation to an employment, and

(b)  the aggregate of all amounts each of which is the product obtained by multiplying 37.5% by the part of the individual’s wages for the year from an employment with a particular corporation or partnership operating an international financial centre, that may reasonably be attributed to a qualifying period established in respect of the individual under subparagraph 2 of the first paragraph of section 73 in relation to the particular corporation or partnership, except, if applicable, the part of that period that is included in the individual’s reference period, established under section 69, in relation to an employment; and

(2)  the product obtained by multiplying the amount specified in the third paragraph by the proportion, not exceeding 1, that the number of days in all the qualifying periods established in respect of the individual under section 73 and to which the aggregate of all the amounts determined in subparagraph 1 relates is of 365.

The percentage to which subparagraph a of subparagraph 1 of the first paragraph refers is

(1)  37.5% for the taxation year 2010;

(2)  30% for the taxation year 2011;

(3)  20% for the taxation year 2012; or

(4)  10% for the taxation year 2013.

The amount to which subparagraph 2 of the first paragraph refers is

(1)  $50,000 for the taxation year 2010;

(2)  $40,000 for the taxation year 2011;

(3)  $26,667 for the taxation year 2012; or

(4)  $13,333 for the taxation year 2013.

1999, c. 86, s. 71; 2002, c. 40, s. 12; 2004, c. 21, s. 25; 2005, c. 23, s. 16; 2011, c. 1, s. 7.

2005-06-17

71. An individual who holds employment with a corporation or partnership operating an international financial centre may deduct, in computing the individual’s taxable income for a taxation year, an amount not exceeding the total of

(1)   the lesser of

(a)  37.5% of the aggregate of all amounts each of which is the part of the individual’s wages for the year from an employment with a particular corporation or partnership operating an international financial centre, that may reasonably be attributed to a qualifying period beginning after 30 March 2004 and established in respect of the individual under section 73 in relation to the particular corporation or partnership, except, where applicable, the part of that period that is included in the individual’s reference period, established under section 69, in relation to an employment, and

(b)  the amount obtained by multiplying $50,000 by the proportion, not exceeding 1, that the number of days in the part, to which the aggregate of the amounts determined under subparagraph a relates, of all the qualifying periods established in respect of the individual under section 73 is of 365; and

(2)  the aggregate of all amounts each of which is the product obtained by multiplying the percentage determined under the second paragraph by the part of the individual’s wages for the year from an employment with a particular corporation or partnership operating an international financial centre, that may reasonably be attributed to a qualifying period ending before 31 March 2004 and established in respect of the individual under section 73 in relation to the particular corporation or partnership, except, where applicable, the part of that period that is included in the individual’s reference period, established under section 69, in relation to an employment.

The percentage to which subparagraph 2 of the first paragraph refers is

(1)   37.5% if the qualifying period begins after 12 June 2003, or

(2)   50% if the qualifying period ends before 13 June 2003.

1999, c. 86, s. 71; 2002, c. 40, s. 12; 2004, c. 21, s. 25; 2005, c. 23, s. 16.

2004-11-03

71. An individual who holds employment with a particular corporation or partnership operating an international financial centre may deduct, in computing the individual’s taxable income for a taxation year, an amount not exceeding 37.5 % of the part of the individual’s wages from that employment for the year that may reasonably be attributed to a qualifying period established in respect of the individual under section 73 in relation to the particular corporation or partnership, except, where applicable, any part of that period that is included in the individual’s reference period established under section 69, in relation to an employment.

However, for the part of the individual’s wages that is attributable to a qualifying period, or to part of such a period, preceding 13 June 2003, the first paragraph shall be read with “37.5 %” replaced by “one-half”.

1999, c. 86, s. 71; 2002, c. 40, s. 12; 2004, c. 21, s. 25.

2002-10-17

71. An individual who holds an employment with a particular corporation or partnership operating an international financial centre may deduct, in computing the individual’s taxable income for a taxation year, an amount not exceeding one-half of the part of the individual’s wages from that employment for the year that may reasonably be attributed to a qualifying period established in respect of the individual under section 73 in relation to the particular corporation or partnership, except any part of that period that is included in the reference period established in respect of the individual under section 69.

1999, c. 86, s. 71; 2002, c. 40, s. 12.

1999-12-20

71. An individual who holds an employment with a particular corporation or partnership operating an international financial centre may deduct, in computing the individual’s taxable income for a taxation year, an amount not exceeding one-third of the part of the individual’s wages from that employment for the year that may reasonably be attributed to a qualifying period established in respect of the individual under section 73 in relation to the particular corporation or partnership, except any part of that period that is included in the reference period established in respect of the individual under section 69.

1999, c. 86, s. 71.