Income Tax Act — I-3.3 122.61
ven as security; (c) does not qualify as a refund of tax for the purposes of the Tax Rebate Discounting Act ; (d) cannot be retained by way of deduction or set-off under the Financial Administration Act ; and (e) is not garnishable moneys for the purposes of the Family Orders and Agreements Enforcement Assistance Act . Annual adjustment (5) Each amount expressed in dollars in subsection (1) shall be adjusted so that, where the base taxation year in relation to a particular month is after 2016, the amount to be used under that subsection for the month is the total of (a) the amount that would, but for subsection (7), be the relevant amount used under subsection (1) for the month that is one year before the particular month, and (b) the product obtained by multiplying (i) the amount referred to in paragraph (a) by (ii) the amount, adjusted in such manner as is prescribed and rounded to the nearest one-thousandth or, where the result obtained is equidistant from 2 such consecutive one-thousandths, to the higher thereof, that is determined by the formula (A/B) − 1 where A is the Consumer Price Index (within the meaning assigned by subsection 117.1(4)) for the 12-month period that ended on September 30 of the base taxation year, and B is the Consumer Price Index for the 12 month period preceding the period referred to in the description of A. (5.1) [Repealed, 1998, c. 21, s. 93] Additions to NCB supplement — July 2005 and 2006 (6) Each amount referred to in the description of F in subsection (1) that is to be used for the purpose of determining the amount deemed to be an overpayment arising during months that are (a) after June 2005 and before July 2006, is to be replaced with the amount that is the total of $185 and the amount otherwise determined under subsection (5) for those months; and (b) after June 2006 and before July 2007, is to be replaced with the amount that is the total of $185 and the amount otherwise determined, for those months, by applying subsection (5) to the amount determined under paragraph (a). Agreement with a province (6.1) Notwithstanding subsection (5), for the purposes of any agreement referred to in section 122.63 with respect to overpayments deemed to arise during months that are after June 2001 and before July 2002, the amount determined under subparagraph (5)(b)(ii) for a month referred to in paragraph (6)(b) is deemed to be 0.012. Rounding (7) If an amount referred to in subsection (1), when adjusted as provided in subsection (5), is not a multiple of one dollar, it shall be rounded to the nearest multiple of one dollar or, where it is equidistant from 2 such consecutive multiples, to the higher thereof. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. VII, s. 12; 1997, c. 26, s. 80; 1998, c. 19, s. 141, c. 21, ss. 93, 94; 1999, c. 26, s. 36; 2000, c. 12, s. 142, c. 14, s. 40, c. 19, s. 33, 73; 2001, c. 17, s. 110; 2003, c. 15, s. 77; 2005, c. 30, s. 8; 2006, c. 4, ss. 71, 177; 2010, c. 25, s. 25; 2011, c. 24, s. 38; 2013, c. 40, s. 52; 2016, c. 7, s. 29, c. 12, s. 43; 2017, c. 20, s. 30; 2018, c. 12, s. 17 2020, c. 5, s. 3 2021, c. 7, s. 2