Bill C-264
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- ENGLISH
- SUMMARY SUMMARY
- Income Tax Act Income Tax Act
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Second Session, Forty-third Parliament, 69 Elizabeth II, 2020-2021 |
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HOUSE OF COMMONS OF CANADA |
An Act to amend the Income Tax Act (volunteer firefighting and search and rescue volunteer services)
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FIRST READING, February 4, 2021
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Mr. Johns |
SUMMARY
This enactment amends subsections 118.06(2) and 118.07(2) of the Income Tax Act in order to increase the amount of the tax credits for volunteer firefighting and search and rescue volunteer services from $3,000 to $10,000.
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Available on the House of Commons website at the following address:
www.ourcommons.ca
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2nd Session, 43rd Parliament, 69 Elizabeth II, 2020-2021 |
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HOUSE OF COMMONS OF CANADA |
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BILL C-264 |
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An Act to amend the Income Tax Act (volunteer firefighting and search and rescue volunteer services) |
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.S., c. 1 (5th Supp.)
Income Tax Act
1 The portion of subsection 118.06(2) of the Income Tax Act before paragraph (a) is replaced by the following:
Volunteer firefighter tax credit
(2) For the purpose of computing the tax payable under this Part for a taxation year by an individual who performs eligible volunteer firefighting services in the year, there may be deducted the amount determined by multiplying Insertion start $10,000 Insertion end by the appropriate percentage for the taxation year if the individual
2 The portion of subsection 118.07(2) of the Act before paragraph (a) is replaced by the following:
Search and rescue volunteer tax credit
(2) For the purpose of computing the tax payable under this Part for a taxation year by an individual who performs eligible search and rescue volunteer services in the year, there may be deducted the amount determined by multiplying Insertion start $10,000 Insertion end by the appropriate percentage for the taxation year if the individual
Application
3 Sections 1 and 2 apply to the 2021 and subsequent taxation years.
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Published under authority of the Speaker of the House of Commons
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