VIII, s. 701998, c. 19, ss. 35, 1501999, c. 22, s. 502001, c. 17, s. 1192002, c. 9, s. 402006, c. 4, s. 75.12007, c. 2, ss. 34.1, 502013, c. 34, s. 271, c. 40, s. 602014, c. 39, s. 44
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1986, c. 55, s. 502014, c. 39, s. 45]
(a)an amount deducted under any of subsections 118(1), (2) and (10), sections 118.01 to 118.07, subsection 118.3(1), sections 118.5 to 118.7 and 119 and subsection 127(1) in computing the individual’s tax payable for the year under this Part; or(b)the amount that was claimed under section 118.1 or 118.2 in computing the individual’s tax payable for the year under this Part, determined without reference to this Division, to the extent that the amount claimed does not exceed the maximum amount deductible under that section in computing the individual’s tax payable for the year under this Part, determined without reference to this Division.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 127.5312006, c. 4, s. 762007, c. 2, s. 352009, c. 31, s. 142011, c. 24, s. 412014, c. 20, s. 19
127.54(1)In this section,foreign incomeforeign incomeof an individual for a taxation year means the total of(a)the individual’s incomes for the year from businesses carried on by the individual in countries other than Canada, and(b)the individual’s incomes for the year from sources in countries other than Canada in respect of which the individual has paid non-business-income taxes, within the meaning assigned by subsection 126(7), to governments of countries other than Canada; (impôts payés à l’étranger)foreign taxesforeign taxesof an individual for a taxation year means the total of the business-income taxes, within the meaning assigned by subsection 126(7), paid by the individual for the year in respect of businesses carried on by the individual in countries other than Canada and 2/3 of the non-business-income taxes, within the meaning assigned by that subsection, paid by the individual for the year to the governments of countries other than Canada. (revenu de source étrangère)Marginal note:Foreign tax credit(2)For the purposes of section 127.5, an individual’s special foreign tax credit for a taxation year is the greater of(a)the total of all amounts deductible under section 126 from the individual’s tax for the year, and(b)the lesser of(i)the individual’s foreign taxes for the year, and(ii)the amount determined by the formulaA × BwhereAis the appropriate percentage for the taxation year, andBis the individual’s foreign income for the year.
(a)the individual’s incomes for the year from businesses carried on by the individual in countries other than Canada, and(b)the individual’s incomes for the year from sources in countries other than Canada in respect of which the individual has paid non-business-income taxes, within the meaning assigned by subsection 126(7), to governments of countries other than Canada; (impôts payés à l’étranger)
(a)the total of all amounts deductible under section 126 from the individual’s tax for the year, and(b)the lesser of(i)the individual’s foreign taxes for the year, and(ii)the amount determined by the formulaA × BwhereAis the appropriate percentage for the taxation year, andBis the individual’s foreign income for the year.
(i)the individual’s foreign taxes for the year, and(ii)the amount determined by the formulaA × BwhereAis the appropriate percentage for the taxation year, andBis the individual’s foreign income for the year.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 127.542001, c. 17, s. 1202006, c. 4, s. 77
(a)a return of income of an individual filed under subsection 70(2), paragraph 104(23)(d) or 128(2)(e) or subsection 150(4);(b)[Repealed, 2001, c. 17, s. 121(1)](c)an individual for the taxation year in which the individual dies;(d)an individual for the 1986 taxation year if the individual dies in 1987;(e)a trust described in paragraph 104(4)(a) or (a.1) for its taxation year that includes the day determined in respect of the trust under that paragraph; and(f)a taxation year of a trust throughout which the trust is(i)a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)),(ii)a mutual fund trust,(iii)a trust prescribed to be a master trust, or(iv)an employee life and health trust.
(i)a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)),(ii)a mutual fund trust,(iii)a trust prescribed to be a master trust, or(iv)an employee life and health trust.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 127.551994, c. 7, Sch