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Economic Recovery Act (stimulus) (S.C. 2009, c. 31)

Assented to 2009-12-15

  • 13. (1) The descriptions of A and B in subsection 122.7(2) of the Act are replaced by the following:

    A 
    is

    • (a) if the individual had neither an eligible spouse nor an eligible dependant, for the taxation year, the lesser of $925 and 25% of the amount, if any, by which the individual’s working income for the taxation year exceeds $3,000, or

    • (b) if the individual had an eligible spouse or an eligible dependant, for the taxation year, the lesser of $1,680 and 25% of the amount, if any, by which the total of the working incomes of the individual and, if applicable, of the eligible spouse, for the taxation year, exceeds $3,000; and

    B 
    is

    • (a) if the individual had neither an eligible spouse nor an eligible dependant, for the taxation year, 15% of the amount, if any, by which the adjusted net income of the individual for the taxation year exceeds $10,500, or

    • (b) if the individual had an eligible spouse or an eligible dependant, for the taxation year, 15% of the amount, if any, by which the total of the adjusted net incomes of the individual and, if applicable, of the eligible spouse, for the taxation year, exceeds $14,500.

  • (2) The descriptions of C and D in subsection 122.7(3) of the Act are replaced by the following:

    C 
    is the lesser of $462.50 and 25% of the amount, if any, by which the individual’s working income for the taxation year exceeds $1,150; and
    D 
    is

    • (a) if the individual had neither an eligible spouse nor an eligible dependant, for the taxation year, 15% of the amount, if any, by which the individual’s adjusted net income for the taxation year exceeds $16,667,

    • (b) if the individual had an eligible spouse for the taxation year who was not entitled to deduct an amount under subsection 118.3(1) for the taxation year, or had an eligible dependant for the taxation year, 15% of the amount, if any, by which the total of the adjusted net incomes of the individual and, if applicable, of the eligible spouse, for the taxation year, exceeds $25,700, or

    • (c) if the individual had an eligible spouse for the taxation year who was entitled to deduct an amount under subsection 118.3(1) for the taxation year, 7.5% of the amount, if any, by which the total of the adjusted net incomes of the individual and of the eligible spouse, for the taxation year, exceeds $25,700.

  • (3) Subsections (1) and (2) apply to the 2009 and subsequent taxation years.

  • 14. (1) Paragraph 127.531(a) of the Act is replaced by the following:

    • (a) an amount deducted under subsection 118(1), (2) or (10) or 118.3(1) or any of sections 118.01 to 118.05 and 118.5 to 118.7 in computing the individual’s tax payable for the year under this Part; or

  • (2) Subsection (1) applies to the 2009 and subsequent taxation years.

  • 15. (1) Clause 128(2)(e)(iii)(A) of the Act is replaced by the following:

    • (A) under any of sections 118 to 118.05, 118.2, 118.3, 118.5, 118.6, 118.8 and 118.9,

  • (2) Subsection (1) applies to the 2009 and subsequent taxation years.