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Bill C-476

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2nd Session, 39th Parliament,
56 Elizabeth II, 2007
house of commons of canada
BILL C-476
An Act to amend the Income Tax Act (tax credit for gifts)
R.S., c. 1 (5th Supp.)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
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,
(a) when total gifts do not exceed $400, 75% of the total gifts;
(b) when total gifts exceed $400 and do not exceed $750, $300 plus 50% of the amount by which total gifts exceed $400;
(c) when total gifts exceed $750 and do not exceed $1,275, $475 plus 33 1/3% of the amount by which total gifts exceed $750; and
(d) when total gifts exceed $1,275, $650 plus X% of the amount by which total gifts exceed $1,275, where X is the highest percentage referred to in subsection 117(2) that applies in determining tax that might be payable under this Part for the year.
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