C-476
Second Session, Thirty-ninth Parliament,
56 Elizabeth II, 2007
HOUSE OF COMMONS OF CANADA
BILL C-476
An Act to amend the Income Tax Act (tax credit for gifts)
first reading, November 16, 2007
Mr. Masse
39205
SUMMARY
This enactment amends section 118.1 of the Income Tax Act to have the tax credit applicable to charitable and other gifts computed in the same manner as the tax credit applicable to monetary contributions to federal political parties and candidates, where the total amount of the gifts in a taxation year does not exceed $1275.
Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
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2nd Session, 39th Parliament,
56 Elizabeth II, 2007
house of commons of canada
BILL C-476
An Act to amend the Income Tax Act (tax credit for gifts)
R.S., c. 1 (5th Supp.)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Subsection 118.1(3) of the Income Tax Act is replaced by the following:
Deduction by individuals for gifts
(3) For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted,
(a) when total gifts do not exceed $400, 75% of the total gifts;
(b) when total gifts exceed $400 and do not exceed $750, $300 plus 50% of the amount by which total gifts exceed $400;
(c) when total gifts exceed $750 and do not exceed $1,275, $475 plus 33 1/3% of the amount by which total gifts exceed $750; and
(d) when total gifts exceed $1,275, $650 plus X% of the amount by which total gifts exceed $1,275, where X is the highest percentage referred to in subsection 117(2) that applies in determining tax that might be payable under this Part for the year.
Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada