Bill C-312

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	1st Session, 36th Parliament, 46-47 Elizabeth II, 1997-98
	The House of Commons of Canada
	BILL C-312
	An Act to amend the Income Tax Act (percentage of gifts that may be deducted from tax)
R.S., c. 1 (5th Supp.); 1994, cc. 7, 8, 13, 21, 29, 38, 41; 1995, cc. 1, 3, 11, 18, 21, 38, 46; 1996, cc. 11, 21, 23; 1997, cc. 10, 12, 25, 26	Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
	*1. (1) Subsection 118.1(3) of the Income Tax Act* is replaced by the following:**
Deduction by individuals for gifts	(3) For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted such amount as the individual claims, not exceeding
	(a) 75% of the lesser of $100 and the individual's total gifts for the year if the total does not exceed $100, plus
	(b) 50% of the amount by which the individual's total gifts for the year exceed $100 and do not exceed $550, plus
	(c) 33 1/3% of the amount by which the individual's total gifts for the year exceed $550 and do not exceed $1,150, plus
	(d) the highest percentage referred to in subsection 117(2) that applies in determining tax that might be payable under this Part for the year multiplied by the amount by which the individual's total gifts for the year exceed $1,150.
	(2) Subsection (1) applies to the 1998 and subsequent taxation years.

BILL C-312