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OETC Calculation ¶ 19. Expressed as a formula, the amount that can be deducted under section 122.3 as an OETC is: OETC = C ÷ D × E where limitation: A = the number of days in that portion of the qualifying period that is in the year and on which the individual was resident in Canada × $80,000 ÷ 365 B = 80% of the individual's qualifying income (see ¶ 3) that is reasonably attributable to duties performed on the days referred to in A above and: C = The lesser of limitation A and B D = Adjusted income for the taxation year (see ¶ 20)] E = Tax otherwise payable for the year (see ¶ 21) Therefore, the OETC provides an annual tax reduction for a maximum of $100,000 of overseas employment income (i.e., qualifying income) earned in a full year (i.e., a qualifying period of 12 months) of overseas employment (see ¶s 10-12). ... Using the formula described in ¶ 19, the individual's OETC is determined as follows: (1) Determine the lesser of limitation A and B: A = (a) ÷ 365 × $80,000 = 73 ÷ 365 × $80,000 = $16,000 B = 80% of (c) = 80 ÷ 100 × $22,000 = $17,600 (2) The OETC is: $16,000÷ (d) × (e) = $16,000 ÷ $64,000 × $14,000 = $3,500 In this example, because the individual's qualifying period exceeded six months at the time the individual's 2002 tax return was required to be filed, the tax credit of $3,500 may be deducted in calculating 2002 Part I tax payable. ... A reference to ¶ 16 was added to the end of ¶ 13. In ¶ 14, a reference to subsection 250(5) was added in order to be more technically precise. ...

OETC Calculation ¶ 19. Expressed as a formula, the amount that can be deducted under section 122.3 as an OETC is: OETC = C ÷ D × E where limitation: A = the number of days in that portion of the qualifying period that is in the year and on which the individual was resident in Canada × $80,000 ÷ 365 B = 80% of the individual's qualifying income (see ¶ 3) that is reasonably attributable to duties performed on the days referred to in A above and: C = The lesser of limitation A and B D = Adjusted income for the taxation year (see ¶ 20)] E = Tax otherwise payable for the year (see ¶ 21) Therefore, the OETC provides an annual tax reduction for a maximum of $100,000 of overseas employment income (i.e., qualifying income) earned in a full year (i.e., a qualifying period of 12 months) of overseas employment (see ¶s 10-12). ... Using the formula described in ¶ 19, the individual's OETC is determined as follows: (1) Determine the lesser of limitation A and B: A = (a) ÷ 365 × $80,000 = 73 ÷ 365 × $80,000 = $16,000 B = 80% of (c) = 80 ÷ 100 × $22,000 = $17,600 (2) The OETC is: $16,000÷ (d) × (e) = $16,000 ÷ $64,000 × $14,000 = $3,500 In this example, because the individual's qualifying period exceeded six months at the time the individual's 2002 tax return was required to be filed, the tax credit of $3,500 may be deducted in calculating 2002 Part I tax payable. ... A reference to ¶ 16 was added to the end of ¶ 13. In ¶ 14, a reference to subsection 250(5) was added in order to be more technically precise. ...

For updated information about the Eligible educator school supply tax credit, go to Line 46900 – Eligible educator school supply tax credit. For updated information about the Return of fuel charge proceeds to farmer tax credit, go to Line 47556 – Other refundable credits. Temporary measure – Fax for Non-resident and Deemed resident returns Due to international mail delays, the CRA is temporarily accepting non-resident and deemed resident income tax returns through fax. ...

For further particulars, see the “ Bulletins Revisions ” section near the end of this bulletin. ... The following information relates to that taxation year: Employer A Employer B Total Income received in the year $ 15,000 $ 7,500 $ 22,500 Related expenses paid in the year: Advertising & promotion 400 300 700 Travel* 800 500 1,300 Total $ 1,200 $ 800 $ 2,000 Capital cost allowance on musical instrument deducted under paragraph 8(1)(p) $ 250 $ 100 $ 350 * The taxpayer meets the requirements of paragraph 8(1)(h); consequently, the travel expenses are deductible under that provision. ... [April 24, 2002] In ¶ 10, the following changes were made: ¶ 10 (g) was revised to delete the word “special”. ...

For further particulars, see the “ Bulletins Revisions ” section near the end of this bulletin. ... The following information relates to that taxation year: Employer A Employer B Total Income received in the year $ 15,000 $ 7,500 $ 22,500 Related expenses paid in the year: Advertising & promotion 400 300 700 Travel* 800 500 1,300 Total $ 1,200 $ 800 $ 2,000 Capital cost allowance on musical instrument deducted under paragraph 8(1)(p) $ 250 $ 100 $ 350 * The taxpayer meets the requirements of paragraph 8(1)(h); consequently, the travel expenses are deductible under that provision. ... [April 24, 2002] In ¶ 10, the following changes were made: ¶ 10 (g) was revised to delete the word “special”. ...

Step 2: ½ of ($8,000- $2,500) = $2,750. Step 3: Lesser of $6,250 and $2,750, plus $2,500 = $2,750 + $2,500 = $5,250. Step 4: Lesser of $8,000 and $5,250 = $5,250. Step 5: Amount of loss Barry can deduct in the loss year = $5,250 + $2,000 = $7,250. ... Thus, he ends up applying $5,000 of his 1985 net capital loss of $6,000: Amount Applied Amount Deducted Against 1995 taxable capital gains $ 3,000 $ 4,500 Against 1995 business income $ 2,000 $ 2,000---------------- Total reduction to 1995 taxable income earned in Canada $ 6,500 ===== Total applied in 1995 $ 5,000 Available to be applied in other years $ 1,000-------- $ 6,000 ===== ¶ 17. ...

Step 2: ½ of ($8,000- $2,500) = $2,750. Step 3: Lesser of $6,250 and $2,750, plus $2,500 = $2,750 + $2,500 = $5,250. Step 4: Lesser of $8,000 and $5,250 = $5,250. Step 5: Amount of loss Barry can deduct in the loss year = $5,250 + $2,000 = $7,250. ... Thus, he ends up applying $5,000 of his 1985 net capital loss of $6,000: Amount Applied Amount Deducted Against 1995 taxable capital gains $ 3,000 $ 4,500 Against 1995 business income $ 2,000 $ 2,000---------------- Total reduction to 1995 taxable income earned in Canada $ 6,500 ===== Total applied in 1995 $ 5,000 Available to be applied in other years $ 1,000-------- $ 6,000 ===== ¶ 17. ...

X, in respect of 1996 income from plan trust $ 500-------- Net income inclusion for RRSP trust $ nil ===== (c) Tax effects for Mrs. ... X: RRSP benefits received-- subsection 146(8) *$ 7,200 RRSP benefits received-- subsection 146(8) 300-------- $ 7,500 ===== (ii) Mrs. ... (ii) Income of Miss X: RRSP benefit-- subsection 146(8) 1,000-------- Total Payout to Miss X $ 5,000 ===== (e) Calculation of proposed subsection 146(8.9) deduction: **The amount of $6,000 was determined by applying the formula in proposed subsection 146(8.9) as follows: (B + C- D) A × [1-----------------] (B + C) ($0 + $12,500- $10,000) = $7,500 × [1-------------------------------------] ($0 + $12,500) = $6,000 Refund of premiums out of a matured RRSP ¶ 26. ...

X, in respect of 1996 income from plan trust $ 500-------- Net income inclusion for RRSP trust $ nil ===== (c) Tax effects for Mrs. ... X: RRSP benefits received-- subsection 146(8) *$ 7,200 RRSP benefits received-- subsection 146(8) 300-------- $ 7,500 ===== (ii) Mrs. ... (ii) Income of Miss X: RRSP benefit-- subsection 146(8) 1,000-------- Total Payout to Miss X $ 5,000 ===== (e) Calculation of proposed subsection 146(8.9) deduction: **The amount of $6,000 was determined by applying the formula in proposed subsection 146(8.9) as follows: (B + C- D) A × [1-----------------] (B + C) ($0 + $12,500- $10,000) = $7,500 × [1-------------------------------------] ($0 + $12,500) = $6,000 Refund of premiums out of a matured RRSP ¶ 26. ...

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