Tax wiki
s. 127.5
PART I — Income Tax · DIVISION E.1 — Minimum Tax
Obligation to pay minimum tax
Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31
Current text
Notwithstanding any other provision of this Act but subject to subsection 120.4(3) and section 127.55, where the amount that, but for section 120, would be determined under Division E to be an individual’s tax payable for a taxation year is less than the amount determined under paragraph (a) in respect of the individual for the year, the individual’s tax payable under this Part for the year is the total of
the amount, if any, by which
the individual’s minimum amount for the year determined under section 127.51
exceeds
the individual’s special foreign tax credit determined under section 127.54 for the year, and
the amount, if any, required by section 120 to be added to the individual’s tax otherwise payable under this Part for the year.
Source: Justice Laws Website. Not an official version.
Historic text
This section has not been amended since the start of the point-in-time record on 31 August 2004.
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 127.5 links to the one before it.
Enacting and amending legislation
- R.S., 1985, c. 1 (5th Supp.), s. 127.5; 1998, c. 19, s. 149; 2000, c. 19, s. 37
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
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 127.5.