Tax wiki
s. 118.81

PART I — Income Tax · DIVISION E — Computation of Tax · SUBDIVISION A — Rules Applicable to Individuals · Annual Adjustment of Deductions and Other Amounts

Tuition tax credit transferred

Not yet annotated · Text current to 2026-06-21 · section last amended 2017-01-01

Current text

In this Subdivision, the tuition tax credit transferred for a taxation year by a person to an individual is the lesser of

(a)

the amount determined by the formula

A - B

where

is the lesser of

(i)

the total of all amounts that may be deducted under section 118.5 in computing the person’s tax payable under this Part for the year, and

(ii)

the amount determined by the formula

C × D

where

is the appropriate percentage for the taxation year, and

is $5,000.

is the amount that would be the person’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under any of sections 118 to 118.07, 118.3, 118.61 and 118.7), and

(b)

the amount for the year that the person designates in writing for the purpose of section 118.8 or 118.9.

Source: Justice Laws Website. Not an official version.

Historic text

Immediately preceding version, in force from 2014-06-19 to 2016-12-31:

Show the text in force 2014-06-19 to 2016-12-31

Tuition, textbook and education tax credits transferred

118.81 In this subdivision, the tuition, textbook and education tax credits transferred for a taxation year by a person to an individual is the lesser of

(a) the amount determined by the formula
A - B
where
Ais the lesser of
- (i) the total of all amounts that may be deducted under section 118.5 or 118.6 in computing the person’s tax payable under this Part for the year, and
- (ii) the amount determined by the formula
  C × D
  where
  Cis the appropriate percentage for the taxation year, andDis $5,000.
Bis the amount that would be the person’s tax payable under this Part for the year if no amount were deductible under this Division (other than an amount deductible under any of sections 118 to 118.07, 118.3, 118.61 and 118.7), and
(b) the amount for the year that the person designates in writing for the purpose of section 118.8 or 118.9.

[NOTE: Application provisions are not included in the consolidated text
see relevant amending Acts and regulations.]
1998, c. 19, s. 30
2001, c. 17, s. 101
2006, c. 4, s. 66
2007, c. 2, s. 26
2009, c. 31, s. 8
2011, c. 24, s. 33
2014, c. 20, s. 14

This version on Justice Laws

Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 118.81 links to the one before it.

Enacting and amending legislation

1998, c. 19, s. 30; 2001, c. 17, s. 101; 2006, c. 4, s. 66; 2007, c. 2, s. 26; 2009, c. 31, s. 8; 2011, c. 24, s. 33; 2014, c. 20, s. 14; 2016, c. 7, s. 19

Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.

Cross-references

This section refers to

s. 118 s. 118.5 s. 118.8

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 118.81.