8.4.2 (1) In this section, “eligible child” means, in respect of a qualifying taxpayer, an individual who satisfies the rules prescribed by the regulations; (“enfant admissible”) “eligible course of study” means an elementary or secondary school course of study, (a) that is provided by an eligible independent school to a pupil enrolled in the school, (b) that satisfies the rules prescribed by the regulations; (“programme d’études admissible”) “eligible fees” means the amount determined under the rules prescribed by the regulations; (“frais admissibles”) “eligible independent school” means a school that satisfies the rules prescribed by the regulations or a school that is designated by regulation as an eligible independent school; (“école indépendante admissible”) “qualifying taxpayer” means, in respect of a taxation year, a person, (a) who is an individual for the purposes of section 8, (b) who is resident in Ontario on the last day of the taxation year, and (c) who satisfies the rules prescribed by the regulations. (“contribuable admissible”)  2001, c. 8, s. 41; 2004, c. 16, s. 3. Amount of tax credit (2) The amount of the equity in education tax credit in respect of an eligible child for a taxation year is the amount calculated using the formula, A × B in which, “A” is the appropriate percentage for the taxation year as determined under subsection (3), and “B” is the lesser of, (a) the prescribed monthly amount for the taxation year or, if no amount is prescribed for the taxation year, the amount, not exceeding $7000, that is determined by multiplying $700 by the number of months in the taxation year in which the eligible child was enrolled in an eligible independent school as a full-time pupil and attending classes at the school in the taxation year in an eligible course of study, and (b) the amount of eligible fees reasonably attributable to the taxation year that were paid by a qualifying taxpayer to an eligible independent school in respect of an eligible child who was enrolled in the school during the taxation year as a full-time pupil and attending classes at the school during the taxation year in an eligible course of study. 2001, c. 8, s. 41; 2004, c. 16, s. 3. Appropriate percentage (3) For the purposes of “A” in subsection (2), the following is the appropriate percentage for the taxation year indicated: 1. For a taxation year that commences after December 31, 2001 and ends before January 1, 2003, 10 per cent. 2.  Repealed:  2003, c. 7, s. 13 (1). 3.  Repealed:  2003, c. 7, s. 13 (2). 4.  Repealed:  2003, c. 7, s. 13 (2). 5.  Repealed:  2003, c. 7, s. 13 (2). 2003, c. 5, s. 1; 2003, c. 7, s. 13; 2004, c. 16, s. 3. Qualifying taxpayer’s share (4) The amount of a qualifying taxpayer’s share of the equity in education tax credit in respect of an eligible child for a taxation year is the amount of the credit determined under subsection (2) as apportioned in accordance with the rules prescribed by regulation.  2001, c. 8, s. 41; 2004, c. 16, s. 3. Regulations (5) The Minister may make regulations, (a) prescribing rules for the purposes of the definitions in subsection (1); (b) designating particular schools as eligible independent schools for the purposes of the definition; (c) defining terms used in this section that are not already defined in the Act; (d) prescribing rules for the purposes of determining a qualifying taxpayer’s share of an equity in education tax credit under subsection (4).  2001, c. 8, s. 41; 2004, c. 16, s. 3. Same, eligible independent schools (6) A regulation prescribing rules for the purposes of the definition of “eligible independent school” may establish different classes of schools and prescribe different rules for each class.  2001, c. 8, s. 41; 2004, c. 16, s. 3. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 41
- 1/01/2002 2003, c. 5, s. 1
- 26/06/2003; 2003, c. 7, s. 13 (1)
- 1/01/2003; 2003, c. 7, s. 13 (2)
- 1/01/2004 2004, c. 16, s. 3
- 1/01/2004