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1st Session, 37th Parliament,
49-50 Elizabeth II,
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House of Commons of Canada
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BILL C-244
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An Act to amend the Income Tax Act
(deduction of mechanics' tool expenses)
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| R.S., 1985, c.
1 (5th Supp.)
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Her Majesty, by and with the advice and
consent of the Senate and House of Commons
of Canada, enacts as follows:
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| 1999, c. 22, s.
4
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1. Subsection 8(1) of the Income Tax Act
is amended by deleting the word ``and'' at
the end of paragraph (p), by adding the
word ``and'' at the end of paragraph (q) and
by adding the following after paragraph
(q):
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| Mechanics'
tool expenses
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(r) where the taxpayer was employed in the
year as a mechanic and, as a term of the
employment, was required to provide tools
for a period in the year, an amount (not
exceeding the taxpayer's income for the
year from the employment computed
without reference to this paragraph) equal
to the total of
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(i) amounts expended by the taxpayer
during the year for the maintenance,
rental or insurance of the tools except to
the extent that the amounts are otherwise
deducted in computing the taxpayer's
income for any taxation year,
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(ii) the capital cost of any tool that had a
cost of two hundred dollars or less or such
higher limit as may be allowed in the
regulations to take into consideration
inflation, and
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(iii) such proportion of the capital cost to
the taxpayer of any tool, the cost of which
exceeded the limit set pursuant to sub
paragraph (ii), as is allowed by regula
tion.
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