Archived - Notice of Ways and Means Motion to Amend the Income Tax Act
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That it is expedient to amend the Income Tax Act as follows:
1 (1) Subparagraph 82(1)(b)(i) of the Income Tax Act is replaced by the following:
(i) the product of the amount determined under paragraph (a) in respect of the taxpayer for the taxation year multiplied by
(A) for the 2018 taxation year, 16%,
(B) for taxation years after 2018, 15%, and
(2) Subsection (1) applies to the 2018 and subsequent taxation years.
2 (1) Paragraph 121(a) of the Act is replaced by the following:
(a) the product of the amount, if any, that is required by subparagraph 82(1)(b)(i) to be included in computing the individual’s income for the year multiplied by
(i) for the 2018 taxation year, 8/11,
(ii) for taxation years after 2018, 9/13, and
(2) Subsection (1) applies to the 2018 and subsequent taxation years.
3 The portion of subsection 122.61(5) of the Act before paragraph (a) is replaced by the following:
Annual adjustment
(5) Each amount expressed in dollars in subsection (1) shall be adjusted so that, where the base taxation year in relation to a particular month is after 2016, the amount to be used under that subsection for the month is the total of
4 (1) Paragraphs 125(1.1)(a) and (b) of the Act are replaced by the following:
(a) that proportion of 17.5% that the number of days in the taxation year that are before 2018 is of the number of days in the taxation year,
(b) that proportion of 18% that the number of days in the taxation year that are in 2018 is of the number of days in the taxation year, and
(c) that proportion of 19% that the number of days in the taxation year that are after 2018 is of the number of days in the taxation year.
(2) Subsection (1) applies to the 2018 and subsequent taxation years.
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