4.6 (1) This section applies to an individual for a particular taxation year ending after December 31, 1999 if the individual is resident in Ontario on the last day of the year and properly deducts an amount under subsection 110.2 (2) of the Federal Act in computing his or her taxable income for the year.  2000, c. 42, s. 53; 2004, c. 16, s. 3. Additional tax amount (2) There must be added to the amount of tax otherwise payable by the individual for the particular taxation year the total of all amounts each of which is the amount, if any, by which “A” exceeds “B” where, “A” is the amount of the individual’s notional tax payable for an eligible taxation year to which a specified portion of a qualifying amount received by the individual relates and in respect of which an amount is deducted under section 110.2 of the Federal Act in computing his or her taxable income for the particular taxation year, and “B” is the individual’s tax payable under section 4 for the eligible taxation year, calculated before the additional taxes, if any, payable under this section and sections 4.3, 4.4 and 4.6 to 4.8.  2000, c. 42, s. 53; 2004, c. 16, s. 3; 2005, c. 31, Sched. 11, s. 5 (1). Notional tax (3) For the purposes of this section, the amount of an individual’s notional tax payable for an eligible taxation year is the amount calculated using the formula, C + D in which, “C” is the amount, if any, calculated under subsection (4), and “D” is an amount, subject to subsection (5), that would be equal to the amount that would be calculated as interest payable on the amount determined as “C” if the interest were calculated, (a) for the period that began on May 1 of the year following the eligible taxation year and ended immediately before the particular taxation year, and (b) at the prescribed rate that is applicable for the purposes of subsection 164 (3) of the Federal Act with respect to that period. 2000, c. 42, s. 53; 2004, c. 16, s. 3. Same (4) The variable “C” in subsection (3) is the amount, if any, by which “E”  exceeds “F” where, “E” is the amount that would be the individual’s tax payable under section 4 for the eligible taxation year, (a) if the tax were calculated without reference to sections 4.3, 4.4 and 4.6 to 4.8, and (b) if the total of all amounts, each of which is the specified portion, in relation to the eligible taxation year, of a qualifying amount received by the individual before the end of the taxation year, were added in computing the individual’s taxable income for the eligible taxation year, and “F” is the total of all amounts each of which is an amount, in respect of a qualifying amount received by the individual before the taxation year, that was included because of clause (b) in the definition of “E” in computing the individual’s notional tax payable for the eligible taxation year.  2000, c. 42, s. 53; 2004, c. 16, s. 3; 2005, c. 31, Sched. 11, s. 5 (2). Exception (5) For the purposes of subsection (3), the amount of “D” is nil unless the eligible taxation year ended before the taxation year preceding the particular taxation year.  2000, c. 42, s. 53; 2004, c. 16, s. 3. Interpretation (6) The definitions of “eligible taxation year”, “qualifying amount” and “specified portion” in subsection 110.2 (1) of the Federal Act apply for the purposes of this section.  2000, c. 42, s. 53; 2004, c. 16, s. 3. Section Amendments with date in force (d/m/y) 2000, c. 42, s. 53
- 1/01/2000 2004, c. 16, s. 3
- 1/01/2004 2005, c. 31, Sched. 11, s. 5 (1) - 1/01/2000