Income Tax Act — I-3.3 125.6
or a taxation year (a) that begins before 2023 and ends after 2022, means the lesser of (i) the amount determined by the formula $85,000 × A ÷ 365 where A is the lesser of 365 and the number of days in the taxation year that are after 2022 during which the taxpayer is a qualifying journalism organization, and (ii) the amount determined by the formula A − B where A is the amount determined by the formula C × D ÷ E where C is the salary or wages payable by the taxpayer to the eligible newsroom employee in respect of the portion of the taxation year throughout which the taxpayer is a qualifying journalism organization, D is the number of days in the taxation year that are after 2022 during which the taxpayer is a qualifying journalism organization, and E is the number of days in the taxation year during which the taxpayer is a qualifying journalism organization, and B is the amount determined by the formula F × G ÷ H where F is the total of all amounts each of which is an amount of assistance that (A) the taxpayer has received, is entitled to receive or can reasonably be expected to receive, in respect of amounts described in C, and (B) has not been repaid before the end of the year pursuant to a legal obligation to do so, G is the number of days in the taxation year that are after 2022 during which the taxpayer is a qualifying journalism organization, and H is the number of days in the taxation year during which the taxpayer is a qualifying journalism organization; and (b) that begins after 2022, means the lesser of (i) the amount determined by the formula $85,000 × A ÷ 365 where A is the lesser of 365 and the number of days in the taxation year during which the taxpayer is a qualifying journalism organization, and (ii) the amount determined by the formula A − B where A is the salary or wages payable by the taxpayer to the eligible newsroom employee in respect of the portion of the taxation year throughout which the taxpayer is a qualifying journalism organization, and B is the total of all amounts each of which is an amount of assistance that (A) the taxpayer has received, is entitled to receive or can reasonably be expected to receive, in respect of amounts described in A, and (B) has not been repaid before the end of the year pursuant to a legal obligation to do so. ( dépense de main-d’oeuvre admissible ) Tax credit (2) A taxpayer (other than a partnership) that is a qualifying journalism organization at any time in a taxation year and that files a prescribed form containing prescribed information with its return of income for the year is deemed to have, on its balance-due day for the year, paid on account of its tax payable under this Part for the year (a) if the year begins before 2023 and ends after 2022, an amount determined by the formula 0.25 × A + 0.35 × B − C where A is the total of all amounts each of which is a low threshold qualifying labour expenditure of the qualifying journalism organization for the year in respect of an eligible newsroom employee, B is the total of all amounts each of which is a qualifying labour expenditure of the qualifying journalism organization for the year in respect of an eligible newsroom employee, and C is the amount received by the taxpayer from the Aid to Publishers component of the Canada Periodical Fund in the year; (b) if the year begins after 2022 and ends before 2027, an amount determined by the formula 0.35 × A − B where A is the total of all amounts each of which is a qualifying labour expenditure of the qualifying journalism organization for the year in respect of an eligible newsroom employee, and B is the amount received by the taxpayer from the Aid to Publishers component of the Canada Periodical Fund in the year; (c) if the year begins before 2027 and ends after 2026, an amount determined by the formula 0.35 × A + 0.25 × B − C where A is the amount determined by the formula D × E ÷ F where D is the total of all amounts each of which is a qualifying labour expenditure of t