Income Tax Act
Sections and provisions with full text and the judgments that cite each one.
Section 56.1 — Support
For the purposes of paragraph 56(1)(b) and subsection 118(5), where an order or agreement, or any variation thereof, provides for the payment of an amount to a taxpayer or for the benefit of the…
Section 56.2 — Reserve claimed for debt forgiveness
There shall be included in computing an individual’s income for a taxation year during which the individual was not a bankrupt the amount, if any, deducted under section 61.2 in computing the…
Section 56.3 — Reserve claimed for debt forgiveness
There shall be included in computing a taxpayer’s income for a taxation year during which the taxpayer was not a bankrupt the amount, if any, deducted under section 61.4 in computing the taxpayer’s…
Section 56.4 — Definitions
The following definitions apply in this section. eligible corporation , of a taxpayer, means a taxable Canadian corporation of which the taxpayer holds, directly or indirectly, shares of the capital…
Section 57 — Certain superannuation or pension benefits
Notwithstanding subparagraph 56(1)(a)(i), there shall be included in computing the income of a taxpayer in respect of a payment received by the taxpayer out of or under a superannuation or pension…
Section 58 — Government annuities and like annuities
In determining the amount that shall be included in computing the income of a taxpayer in respect of payments received by the taxpayer in a taxation year under contracts entered into before May 26,…
Section 59 — Consideration for foreign resource property
Where a taxpayer has disposed of a foreign resource property, there shall be included in computing the taxpayer’s income for a taxation year the amount, if any, by which the portion of the taxpayer’s…
Section 59.1 — Involuntary disposition of resource property
Where in a particular taxation year an amount is deemed by subsection 44(2) to have become receivable by a taxpayer as proceeds of disposition described in paragraph (d) of the definition proceeds of…
Section 60 — Other deductions
There may be deducted in computing a taxpayer’s income for a taxation year such of the following amounts as are applicable the capital element of each annuity payment included by virtue of paragraph…
Section 60.001
[Repealed, 2013, c. 40, s. 27]
Section 60.01 — Eligible amount
For the purpose of paragraph 60(j), the amount, if any, by which the amount of any payment received by a taxpayer in a taxation year out of or under a foreign retirement arrangement and included in…
Section 60.011 — Meaning of lifetime benefit trust
For the purpose of subsection (2), a trust is at any particular time a lifetime benefit trust with respect to a taxpayer and the estate of a deceased individual if immediately before the death of the…
Section 60.02 — Definitions
The definitions in this subsection apply in this section and section 146.4, eligible individual means a child or grandchild of a deceased annuitant under a registered retirement savings plan or a…
Section 60.021 — Additions to clause 60(l)(v)(B.2) for 2008
In determining the amount that may be deducted because of paragraph 60(l) in computing a taxpayer’s income for the 2008 taxation year, clause 60(l)(v)(B.2) shall be read as follows: the total of all…
Section 60.022 — Additions to clause 60(l)(v)(B.2) for 2015
In determining the amount that may be deducted because of paragraph 60(l) in computing a taxpayer’s income for the 2015 taxation year, clause 60(l)(v)(B.2) is to be read as follows: the total of all…
Section 60.03 — Definitions
The following definitions apply in this section. eligible pension income , of an individual for a taxation year, means the total of the eligible pension income (as defined in subsection 118(7)) of…
Section 60.1 — Support
For the purposes of paragraph 60(b) and subsection 118(5), where an order or agreement, or any variation thereof, provides for the payment of an amount by a taxpayer to a person or for the benefit of…
Section 60.11
[Repealed, 2013, c. 40, s. 29]
Section 60.2 — Refund of undeducted past service AVCs
There may be deducted in computing a taxpayer’s income for a taxation year an amount equal to the total of where the taxation year ends before 1991, the total of all amounts each of which is that…
Section 61 — Payment made as consideration for income-averaging annuity
In computing the income for a taxation year of an individual resident in Canada, there may be deducted an amount equal to the lesser of such amount as the individual may claim, not exceeding the…
Section 61.1 — Where income-averaging annuity contract ceases to be such
Where a contract that was at any time an income-averaging annuity contract of an individual has, at a subsequent time, ceased to be an income-averaging annuity contract otherwise than by virtue of…
Section 61.2 — Reserve for debt forgiveness for resident individuals
There may be deducted in computing the income for a taxation year of an individual (other than a trust) resident in Canada throughout the year such amount as the individual claims not exceeding the…
Section 61.3 — Deduction for insolvency with respect to resident corporations
There shall be deducted in computing the income for a taxation year of a corporation resident in Canada throughout the year that is not exempt from tax under this Part on its taxable income, the…
Section 61.4 — Reserve for debt forgiveness for corporations and others
There may be deducted as a reserve in computing the income for a taxation year of a taxpayer that is a corporation or trust resident in Canada throughout the year or a non-resident person who carried…
Section 62 — Moving expenses
There may be deducted in computing a taxpayer’s income for a taxation year amounts paid by the taxpayer as or on account of moving expenses incurred in respect of an eligible relocation, to the…
Section 63 — Child care expenses
Subject to subsection 63(2), where a prescribed form containing prescribed information is filed with a taxpayer’s return of income (other than a return filed under subsection 70(2) or 104(23),…
Section 64 — Disability supports deduction
If a taxpayer files with the taxpayer’s return of income (other than a return of income filed under subsection 70(2), paragraph 104(23)(d) or 128(2)(e) or subsection 150(4)) for the taxation year a…
Section 64.01 — COVID-19 – disability supports deduction
For the purpose of applying section 64 in respect of a taxpayer for the 2020 or 2021 taxation year, the description of A in paragraph 64(a) is to be read without reference to its subparagraph (i) if…
Section 64.1 — Individuals absent from Canada
In applying sections 63 and 64 in respect of a taxpayer who is, throughout all or part of a taxation year, absent from but resident in Canada, the following rules apply for the year or that part of…
Section 65 — Allowance for oil or gas well, mine or timber limit
There may be deducted in computing a taxpayer’s income for a taxation year such amount as an allowance, if any, in respect of a natural accumulation of petroleum or natural gas, oil or gas well,…
Section 66 — Exploration and development expenses of principal-business corporations
A principal-business corporation may deduct, in computing its income for a taxation year, the lesser of the total of such of its Canadian exploration and development expenses as were incurred by it…
Section 66.1 — Amount to be included in income
There shall be included in computing the amount referred to in paragraph 59(3.2)(b) in respect of a taxpayer for a taxation year the amount, if any, by which the total of all amounts referred to in…
Section 66.2 — Amount to be included in income
There shall be included in computing the amount referred to in paragraph 59(3.2)(c) in respect of a taxpayer for a taxation year the amount, if any, by which the total of all amounts referred to in…
Section 66.21 — Definitions
The definitions in this subsection apply in this section. adjusted cumulative foreign resource expense of a taxpayer, in respect of a country, at the end of a taxation year means the total of the…
Section 66.3 — Exploration and development shares
Any shares of the capital stock of a corporation or any interest in any such shares or right thereto acquired by a taxpayer under circumstances described in paragraph (i) of the definition Canadian…
Section 66.4 — Recovery of costs
For the purposes of the description of B in the definition cumulative Canadian oil and gas property expense in subsection 66.4(5) and the description of L in the definition cumulative Canadian…
Section 66.5 — Deduction from income
In computing its income for a taxation year that ends before 1995, a corporation that has not made a designation for the year under subsection 66(14.1) or (14.2) may deduct such amount as it may…
Section 66.6 — Acquisition from tax-exempt
Where a corporation acquires, by purchase, amalgamation, merger, winding-up or otherwise, all or substantially all of the Canadian resource properties or foreign resource properties of a person whose…
Section 66.7 — Successor of Canadian exploration and development expenses
Subject to subsections 66.7(6) and 66.7(7), where after 1971 a corporation (in this subsection referred to as the “successor”) acquired a particular Canadian resource property (whether by way of a…
Section 66.8 — Resource expenses of limited partner
Where a taxpayer is a limited partner of a partnership at the end of a fiscal period of the partnership, the following rules apply: determine the amount, if any, by which the total of all amounts…
Section 67 — General limitation re expenses
In computing income, no deduction shall be made in respect of an outlay or expense in respect of which any amount is otherwise deductible under this Act, except to the extent that the outlay or…
Section 67.1 — Expenses for food, etc.
Subject to subsection (1.1), for the purposes of this Act, other than sections 62, 63, 118.01 and 118.2, an amount paid or payable in respect of the human consumption of food or beverages or the…
Section 67.2 — Interest on money borrowed for certain vehicles
For the purposes of this Act, if an amount is paid or payable for a period by a person in respect of interest on borrowed money used to acquire a passenger vehicle or zero-emission passenger vehicle,…
Section 67.3 — Limitation re cost of leasing passenger vehicle
Notwithstanding any other section of this Act, where in a taxation year all or part of the actual lease charges in respect of a passenger vehicle are paid or payable, directly or indirectly, by a…
Section 67.4 — More than one owner or lessee
Where a person owns or leases a motor vehicle jointly with one or more other persons, the reference in paragraph 13(7)(g) to the amount of $20,000, in section 67.2 to the amount of $250 and in…
Section 67.41 — More than one owner
If a person owns a zero-emission passenger vehicle jointly with one or more other persons, any reference in paragraph 13(7)(i) to the prescribed amount and in section 67.2 to the amount of $250 or…
Section 67.5 — Non-deductibility of illegal payments
In computing income, no deduction shall be made in respect of an outlay made or expense incurred for the purpose of doing anything that is an offence under section 3 of the Corruption of Foreign…
Section 67.6 — Non-deductibility of fines and penalties
In computing income, no deduction shall be made in respect of any amount that is a fine or penalty (other than a prescribed fine or penalty) imposed under a law of a country or of a political…
Section 67.7 — Definitions
The following definitions apply in this section. non-compliant amount , for a taxation year, means the amount determined by the formula A × B ÷ C where A is the total of all amounts that would, if…
Section 68 — Allocation of amounts in consideration for property, services or restrictive covenants
If an amount received or receivable from a person can reasonably be regarded as being in part the consideration for the disposition of a particular property of a taxpayer, for the provision of…