Income Tax Act — I-3.3 127
Logging tax deduction 127 (1) There may be deducted from the tax otherwise payable by a taxpayer under this Part for a taxation year an amount equal to the lesser of (a) 2/3 of any logging tax paid by the taxpayer to the government of a province in respect of income for the year from logging operations in the province, and (b) 6 2/3% of the taxpayer’s income for the year from logging operations in the province referred to in paragraph 127(1)(a), except that in no case shall the total of amounts in respect of all provinces that would otherwise be deductible under this subsection from the tax otherwise payable under this Part for the year by the taxpayer exceed 6 2/3% of the amount that would be the taxpayer’s taxable income for the year or taxable income earned in Canada for the year, as the case may be, if this Part were read without reference to paragraphs 60(b), 60(c) to 60(c.2), 60(i) and 60(v) and sections 62, 63 and 64. Definitions (2) In subsection 127(1), income for the year from logging operations in the province has the meaning assigned by regulation; ( revenu pour l’année tiré des opérations forestières dans la province ) logging tax means a tax imposed by the legislature of a province that is declared by regulation to be a tax of general application on income from logging operations. ( impôt sur les opérations forestières ) Contributions to registered parties and candidates (3) There may be deducted from the tax otherwise payable by a taxpayer under this Part for a taxation year in respect of the total of all amounts each of which is the eligible amount of a monetary contribution that is referred to in the Canada Elections Act and that is made by the taxpayer in the year to a registered party, a registered association or a candidate, as those terms are defined in that Act, (a) when that total does not exceed $400, 75% of that total, (b) when that total exceeds $400 and does not exceed $750, $300 plus 50% of the amount by which that total exceeds $400, and (c) when that total exceeds $750, the lesser of (i) $650, and (ii) $475 plus 33 1/3% of the amount by which the total exceeds $750, if payment of each monetary contribution that is included in that total is evidenced by filing with the Minister a receipt, signed by the agent authorized under that Act to accept that monetary contribution, that contains prescribed information. Issue of receipts (3.1) A receipt referred to in subsection (3) must be issued only in respect of the monetary contribution that it provides evidence for and only to the contributor who made it. Authorization required for receipts from registered associations (3.2) No agent of a registered association of a registered party shall issue a receipt referred to in subsection (3) unless the leader of the registered party has, in writing, notified the financial agent, as referred to in the Canada Elections Act , of the registered association that its agents are authorized to issue those receipts. Prohibition — issuance of receipts (3.3) If the Commissioner of Canada Elections makes an application under subsection 521.1(2) of the Canada Elections Act in respect of a registered party, no registered agent of the party — including, for greater certainty, a registered agent appointed by a provincial division of the party — and no electoral district agent of a registered association of the party shall issue a receipt referred to in subsection (3) unless the Commissioner withdraws the application or the court makes an order under subsection 521.1(6) of that Act or dismisses the application. (4) [Repealed, 2003, c. 19, s. 73] Monetary contributions — form and content (4.1) For the purpose of subsections (3) and (3.1), a monetary contribution made by a taxpayer may be in the form of cash or of a negotiable instrument issued by the taxpayer. However, it does not include (a) a monetary contribution that a taxpayer who is an agent authorized under the Canada Elections Act to accept monetary contributions makes in