Income Tax Act — I-3.3 18
al contribution; Employee benefit plan contributions (o) an amount paid or payable as a contribution to an employee benefit plan; Salary deferral arrangement (o.1) except as expressly permitted by paragraphs 20(1)(oo) and 20(1)(pp), an outlay or expense made or incurred under a salary deferral arrangement in respect of another person, other than such an arrangement established primarily for the benefit of one or more non-resident employees in respect of services to be rendered outside Canada; Retirement compensation arrangement (o.2) except as expressly permitted by paragraph 20(1)(r), contributions made under a retirement compensation arrangement; Employee life and health trust (o.3) except as expressly permitted by paragraph 20(1)(s), contributions to an employee life and health trust; Limitation re personal services business expenses (p) an outlay or expense to the extent that it was made or incurred by a corporation in a taxation year for the purpose of gaining or producing income from a personal services business, other than (i) the salary, wages or other remuneration paid in the year to an incorporated employee of the corporation, (ii) the cost to the corporation of any benefit or allowance provided to an incorporated employee in the year, (iii) any amount expended by the corporation in connection with the selling of property or the negotiating of contracts by the corporation if the amount would have been deductible in computing the income of an incorporated employee for a taxation year from an office or employment if the amount had been expended by the incorporated employee under a contract of employment that required the employee to pay the amount, and (iv) any amount paid by the corporation in the year as or on account of legal expenses incurred by it in collecting amounts owing to it on account of services rendered that would, if the income of the corporation were from a business other than a personal services business, be deductible in computing its income; Limitation re cancellation of lease (q) an amount paid or payable by the taxpayer for the cancellation of a lease of property of the taxpayer leased by the taxpayer to another person, except to the extent permitted by paragraph 20(1)(z) or 20(1)(z.1); Certain automobile expenses (r) an amount paid or payable by the taxpayer as an allowance for the use by an individual of an automobile to the extent that the amount exceeds an amount determined in accordance with prescribed rules, except where the amount so paid or payable is required to be included in computing the individual’s income; Loans or lending assets (s) any loss, depreciation or reduction in a taxation year in the value or amortized cost of a loan or lending asset of a taxpayer made or acquired by the taxpayer in the ordinary course of the taxpayer’s business of insurance or the lending of money and not disposed of by the taxpayer in the year, except as expressly permitted by this Part; Payments under different acts (t) any amount paid or payable (i) under this Act (other than tax paid or payable under Part XII.2 or Part XII.6), (ii) as interest under Part IX of the Excise Tax Act , (iii) as interest under the Air Travellers Security Charge Act , (iv) as interest under the Underused Housing Tax Act , [2022, c. 10, s. 173] (v) as interest under the Select Luxury Items Tax Act , or [2022, c. 10, s. 173] (vi) [Repealed, 2026, c. 3, s. 144] (vii) as interest under the Global Minimum Tax Act ; Fees — individual saving plans (u) any amount paid or payable by the taxpayer for services in respect of a FHSA, retirement savings plan, retirement income fund or TFSA under or of which the taxpayer is the annuitant or holder; Interest — authorized foreign bank (v) where the taxpayer is an authorized foreign bank, an amount in respect of interest that would otherwise be deductible in computing the taxpayer’s income from a business carried on in Canada, except as provided in section 20.2; Underlying payments on qualifie