Tax wiki
s. 127.51
PART I — Income Tax · DIVISION E.1 — Minimum Tax
Minimum amount determined
Not yet annotated · Text current to 2026-06-21 · section last amended 2024-06-20
Current text
An individual’s minimum amount for a taxation year is the amount determined by the formula
A(B - C) - D
where
is 20.5%;
is the individual’s adjusted taxable income for the year determined under section 127.52;
is
the first dollar amount for the year referred to in paragraph 117(2)(d), in the case of an individual (other than a trust) or a qualified disability trust (as defined in subsection 122(3)); and
nil, in any other case; and
is the individual’s basic minimum tax credit for the year determined under section 127.531.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2014-12-16 to 2024-06-19:
Show the text in force 2014-12-16 to 2024-06-19
Minimum amount determined
127.51 An individual’s minimum amount for a taxation year is the amount determined by the formula
A(B - C) - D
where
Ais the appropriate percentage for the year;Bis the individual’s adjusted taxable income for the year determined under section 127.52;Cis(a) $40,000, in the case of an individual (other than a trust) or a graduated rate estate; and
(b) nil, in any other case; and
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1986, c. 55, s. 50
- 1988, c. 55, s. 111
- 2014, c. 39, s. 43
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 127.51 links to the one before it.
Enacting and amending legislation
- 1986, c. 55, s. 50; 1988, c. 55, s. 111; 2014, c. 39, s. 43
- 2024, c. 17, s. 40
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. 127.51.