Tax wiki
s. 67.2
PART I — Income Tax · DIVISION B — Computation of Income · SUBDIVISION F — Rules Relating to Computation of Income
Interest on money borrowed for certain vehicles
Not yet annotated · Text current to 2026-06-21 · section last amended 2019-06-21
Current text
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, or on an amount paid or payable for the acquisition of such a vehicle, then in computing the person’s income for a taxation year the amount of interest so paid or payable is deemed to be the lesser of the actual amount paid or payable and the amount determined by the formula
A/30 × B
where
is $250 or such other amount as may be prescribed; and
is the number of days in the period in respect of which the interest was paid or payable, as the case may be.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2004-08-31 to 2019-06-20:
Show the text in force 2004-08-31 to 2019-06-20
Interest on money borrowed for passenger vehicle
67.2 For the purposes of this Act, where 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 on an amount paid or payable for the acquisition of such a vehicle, in computing the person’s income for a taxation year, the amount of interest so paid or payable shall be deemed to be the lesser of the actual amount paid or payable and the amount determined by the formula
A/30 × B
where
Ais $250 or such other amount as may be prescribed; andBis the number of days in the period in respect of which the interest was paid or payable, as the case may be.- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 67.2
- 1994, c. 7, Sch. II, s. 44
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 67.2 links to the one before it.
Enacting and amending legislation
- R.S., 1985, c. 1 (5th Supp.), s. 67.2; 1994, c. 7, Sch. II, s. 44
- 2019, c. 29, s. 7
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. 67.2.