Income Tax Act
Version of section 127.51 from 2014-12-16 to 2024-06-19:
Marginal note:Minimum amount determined
127.51 An individual’s minimum amount for a taxation year is the amount determined by the formula
A(B - C) - D
where
- A
- is the appropriate percentage for the year;
- B
- is the individual’s adjusted taxable income for the year determined under section 127.52;
- C
- is
(a) $40,000, in the case of an individual (other than a trust) or a graduated rate estate; and
(b) nil, in any other case; and
- D
- is the individual’s basic minimum tax credit for the year determined under section 127.531.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1986, c. 55, s. 50
- 1988, c. 55, s. 111
- 2014, c. 39, s. 43
- Date modified: