Tax wiki
s. 127.531
PART I — Income Tax · DIVISION E.1 — Minimum Tax
Basic minimum tax credit determined
Not yet annotated · Text current to 2026-06-21 · section last amended 2024-06-20
Current text
An individual’s basic minimum tax credit for a taxation year is the total of all amounts each of which is
1/2 of an amount deducted under any of subsections 118(1), (2), (3) and (10), sections 118.01 to 118.07, subsections 118.3(1), (2) and (3) and sections 118.5 to 118.9 in computing the individual’s tax payable for the year under this Part;
1/2 of the amount that was claimed under section 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;
4/5 of the amount that was claimed under section 118.1 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; and
an amount deducted under section 119 or subsection 127(1) in computing the individual’s tax payable for the year under this Part.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2014-06-19 to 2024-06-19:
Show the text in force 2014-06-19 to 2024-06-19
Basic minimum tax credit determined
127.531 An individual’s basic minimum tax credit for a taxation year is the total of all amounts each of which is
(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 text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 127.531
- 2006, c. 4, s. 76
- 2007, c. 2, s. 35
- 2009, c. 31, s. 14
- 2011, c. 24, s. 41
- 2014, c. 20, s. 19
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 127.531 links to the one before it.
Enacting and amending legislation
- R.S., 1985, c. 1 (5th Supp.), s. 127.531; 2006, c. 4, s. 76; 2007, c. 2, s. 35; 2009, c. 31, s. 14; 2011, c. 24, s. 41; 2014, c. 20, s. 19
- 2024, c. 17, s. 42
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 127.531.