Archived - Legislative Proposals and Explanatory Notes to Implement Remaining Budget 2006 Income Tax Measures

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Published by
The Honourable James M. Flaherty, P.C., M.P.
Minister of Finance

August 2006

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Table of Contents

Clause in Legislation Section of the Act Amended Topic

Legislative Proposals
2 8 Apprentice mechanic's tool costs
3 14 Eligible capital property
4 40(1.1) Reserve - property disposed of to a child
5 44(1.1) Reserve - former property disposed of to a child
6 56 Other sources of income
7 60 Deductions in computing income
8 63 Child care expense
9 70 Transfer of farm and fishing property to child
10 73 Inter vivos transfer of farm property to child
11 85(5.1) Acquisition of certain tools - capital cost and deemed depreciation
12 97(5) Acquisition of certain tools - capital cost and deemed depreciation
13 104(21.2)(b) Beneficiary's taxable capital gain
14 108(1) Definitions
15 110.6 Definitions
16 117(2) Tax rates applicable to individuals
17 117.1(1) Annual adjustment of deductions and other amounts
18 118(3) Pension credit
19 118.02 Transit pass tax credit
20 118.6 Textbook tax credit
21 118.61 Unused tuition and education tax credits
22 118.8 Transfer of unused credits to spouse or common-law partner
23 118.81 Tuition and education tax credits transferred
24 118.9 Transfer to parent or grandparent
25 118.91 Part-year residents
26 118.92 Ordering of credits
118.93 Credits in separate returns
118.94 Tax payable by non-resident
27 118.95 Credits in year of bankruptcy
28 122.51 Refundable medical expense supplement
29 123.4(1) Full rate taxable income
30 125 Small business deduction
31 127 Deductions from tax payable
32 127.531 Basic minimum tax credit determined
33 128(2)(e) Where individual bankrupt
34 137(3) Credit unions
35 137.1(9) Deposit insurance corporations
36 to 38 Part VI Minimum tax on financial institutions

Explanatory Notes