Income Tax Act
Version of section 121 from 2009-01-01 to 2013-06-25:
Marginal note:Deduction for taxable dividends
121 There may be deducted from the tax otherwise payable under this Part by an individual for a taxation year the total of
(a) 2/3 of the amount, if any, that is required by subparagraph 82(1)(b)(i) to be included in computing the individual’s income for the year; and
(b) the product of the amount, if any, that is required by subparagraph 82(1)(b)(ii) to be included in computing the individual’s income for the year multiplied by
(i) for the 2009 taxation year, 11/18,
(ii) for the 2010 taxation year, 10/17,
(iii) for the 2011 taxation year, 13/23, and
(iv) for taxation years after 2011, 6/11.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 121
- 2007, c. 2, s. 48
- 2008, c. 28, s. 17
- Date modified: