Income Tax Act — I-3.3 122.61
nding subsection (1), if an eligible individual is a shared-custody parent in respect of one or more qualified dependants at the beginning of a month, the overpayment deemed by subsection (1) to have arisen during the month is equal to the amount determined by the formula 1/2 × (A + B) where A is the amount determined by the formula in subsection (1), calculated without reference to this subsection, and B is the amount determined by the formula in subsection (1), calculated without reference to this subsection and subparagraph (b)(ii) of the definition eligible individual in section 122.6. Deemed overpayment — COVID-19 (1.2) If the Minister determines before 2024 that an overpayment (for greater certainty, in an amount greater than nil) on account of a person’s liability under this Part for a taxation year is deemed to have arisen during a month under subsection (1), or would be so deemed if this section were read without reference to subsection (2), then an overpayment on account of the person’s liability under this Part for the year is deemed to have arisen during the month, equal to the total of all amounts each of which is an amount in respect of a qualified dependant — in respect of whom the person was an eligible individual at the beginning of the month who has not reached the age of six years at the beginning of the month — determined by the formula A × B where A is (a) 0.5, if the person is a shared-custody parent in respect of the qualified dependant, and (b) 1, in any other case; and B is (a) if the month is January 2021 or April 2021, (i) $300, if the person’s adjusted income for 2019 is less than or equal to $120,000, and (ii) $150 in any other case, (b) if the month is July 2021 or October 2021, (i) $300, if the person’s adjusted income for 2020 is less than or equal to $120,000, and (ii) $150 in any other case, and (c) in any other case, nil. Exceptions (2) Notwithstanding subsection (1), if a particular month is the first month during which an overpayment that is less than $20 (or such other amount as is prescribed) is deemed under that subsection to have arisen on account of a person’s liability under this Part for the base taxation year in relation to the particular month, any such overpayment that would, but for this subsection, reasonably be expected at the end of the particular month to arise during another month in relation to which the year is the base taxation year is deemed to arise under that subsection during the particular month and not during the other month. Non-residents and part-year residents (3) For the purposes of this section, if a person was non-resident at any time in a taxation year, the person’s income for the year is, for greater certainty, deemed to be the amount that would have been the person’s income for the year had the person been resident in Canada throughout the year. Effect of bankruptcy (3.1) For the purposes of this Subdivision, where in a taxation year an individual becomes bankrupt, (a) the individual’s income for the year shall include the individual’s income for the taxation year that begins on January 1 of the calendar year that includes the date of bankruptcy; and (b) the total of all amounts deducted under section 63 in computing the individual’s income for the year shall include the amount deducted under that section for the individual’s taxation year that begins on January 1 of the calendar year that includes the date of bankruptcy. (c) [Repealed, 1998, c. 21, s. 94] Amount not to be charged, etc. (4) A refund of an amount deemed by this section to be an overpayment on account of a person’s liability under this Part for a taxation year (a) shall not be subject to the operation of any law relating to bankruptcy or insolvency; (b) cannot be assigned, charged, attached or given 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 A