II, s. 972000, c. 19, s. 28
120.2(1)There may be deducted from the amount that, but for this section, section 120 and subsection 120.4(2), would be an individual’s tax payable under this Part for a particular taxation year such amount as the individual claims not exceeding the lesser of(a)the portion of the total of the individual’s additional taxes determined under subsection 120.2(3) for the 7 taxation years immediately preceding the particular year that was not deducted in computing the individual’s tax payable under this Part for a taxation year preceding the particular year, and(b)the amount, if any, by which(i)the amount that, but for this section, section 120 and subsection 120.4(2), would be the individual’s tax payable under this Part for the particular year if the individual were not entitled to any deduction under any of sections 126, 127 and 127.4exceeds(ii)the individual’s minimum amount for the particular year determined under section 127.51.Marginal note:Additional tax determined(3)For the purposes of subsection 120.2(1), additional tax of an individual for a taxation year is the amount, if any, by which(a)the individual’s minimum amount for the year determined under section 127.51exceeds the total of(b)the amount that, if this Act were read without reference to section 120, would be the individual’s tax payable under this Part for the year if the individual were not entitled to any deduction under any of sections 126, 127 and 127.4, and(c)that proportion of the amount, if any, by which(i)the individual’s special foreign tax credit for the year determined under section 127.54exceeds(ii)the total of all amounts deductible under section 126 from the individual’s tax for the yearthat(iii)the amount of the individual’s foreign taxes for the year within the meaning assigned by subsection 127.54(1)is of(iv)the amount that would be the individual’s foreign taxes for the year within the meaning assigned by subsection 127.54(1) if the definitionforeign taxesin that subsection were read without reference to “2/3 of”.Marginal note:Where subsection (1) does not apply(4)Subsection (1) does not apply in respect of an individual’s return of income filed under subsection 70(2), paragraph 104(23)(d) or 128(2)(f) or subsection 150(4).
(a)the portion of the total of the individual’s additional taxes determined under subsection 120.2(3) for the 7 taxation years immediately preceding the particular year that was not deducted in computing the individual’s tax payable under this Part for a taxation year preceding the particular year, and(b)the amount, if any, by which(i)the amount that, but for this section, section 120 and subsection 120.4(2), would be the individual’s tax payable under this Part for the particular year if the individual were not entitled to any deduction under any of sections 126, 127 and 127.4exceeds(ii)the individual’s minimum amount for the particular year determined under section 127.51.
(i)the amount that, but for this section, section 120 and subsection 120.4(2), would be the individual’s tax payable under this Part for the particular year if the individual were not entitled to any deduction under any of sections 126, 127 and 127.4
(ii)the individual’s minimum amount for the particular year determined under section 127.51.
(a)the individual’s minimum amount for the year determined under section 127.51
(b)the amount that, if this Act were read without reference to section 120, would be the individual’s tax payable under this Part for the year if the individual were not entitled to any deduction under any of sections 126, 127 and 127.4, and(c)that proportion of the amount, if any, by which(i)the individual’s special foreign tax credit for the year determined under section 127.54exceeds(ii)the total of all amounts deductible under section 126 from the individual’s tax for the yearthat(iii)the amount of the individual’s foreign taxes for the year within the meaning assigned by subsection 127.54(1)is of(iv)the amount that would be the individual’s foreign taxes for the year within the meaning assigned by subsection 127.54(1) if the definitionforeign taxesin that subsection were read without reference to “2/3 of”.
(i)the individual’s special foreign tax credit for the year determined under section 127.54
(ii)the total of all amounts deductible under section 126 from the individual’s tax for the year
(iii)the amount of the individual’s foreign taxes for the year within the meaning assigned by subsection 127.54(1)
(iv)the amount that would be the individual’s foreign taxes for the year within the meaning assigned by subsection 127.54(1) if the definitionforeign taxesin that subsection were read without reference to “2/3 of”.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 120.21998, c. 19, s. 1372000, c. 19, s. 292001, c. 17, s. 1042013, c. 34, s. 254
(a)the amount that would have been the tax payable under this Part by the individual for a preceding taxation year if that portion of any amount not included in computing the individual’s income for the particular year because of subsection 56(8) and that relates to the preceding year had been included in computing the individual’s income for the preceding year
(b)the tax payable under this Part by the individual for the preceding year.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1994, c. 7, Sch