The Income Tax Amendment Act (No.2)

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1 The Income Tax Amendment Act (No.2) UNEDITED being Chapter 33 of The Statutes of Saskatchewan, (Assented to May 10, 1977). NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation.

2 Table of Contents 1 Rev. Stat. c.62 2 Section 3 amended 3 New section 3A 4 New section 3B 5 Section 4 amended 6 Section5 amended 7 Section 8 amended 8 Section 12 amended 9 Section 15 amended 10 Coming into force

3 CHAPTER 33 An Act to amend The Income Tax Act (No.2) [Assented to May 10, 1977] Rev. Stat. c.62 1 The Income Tax Act is amended in the manner hereinafter set forth , c.33, s.1. Section 3 amended 2(1) Subsection (3) of section 3, as amended by chapter 64 of the Statutes of Saskatchewan, 1966, chapter 3 of the Statutes of Saskatchewan, 1966 (second session), chapter 31 of the Statutes of Saskatchewan, 1970, chapter 55 of the Statutes of Saskatchewan, 1972 and by chapter 48 of the Statutes of Saskatchewan, 1973, is further amended by striking out clause (i) and substituting the following: (i) forty per cent in respect of the 1973, 1974, 1975 and 1976 taxation years; (j) fifty-eight and one-half per cent in respect of the 1977 and subsequent taxation years. (2) Subsection (5) of section 3, as enacted by chapter 55 of the Statutes of Saskatchewan, 1972 and amended by chapter 21 of the Statutes of Saskatchewan, , is further amended: (a) by striking out subclause (ii) of clause (b) and substituting the following: (ii) the taxpayer s income earned in Saskatchewan: (A) in the year, if section 114 of the Federal Act is not applicable; or (B) if section 114 of the Federal Act is applicable, in the period or periods of the year referred to in (b) by striking out the last four lines of clause (b) and substituting the following: minus any amounts deductible under section 110.1, paragraph (b) of subsection (1) of section 111 or section 112 of the Federal Act for the year or such period or periods, as the case may be , c.33, s.2. New section 3A 3 Section 3A, as enacted by chapter 23 of the Statutes of Saskatchewan, 1976, is repealed and the following substituted therefor: Reduction in taxes 3A The tax otherwise payable under this Act pursuant to sections 3 and 3B for a taxation year by an individual residing in Saskatchewan on the last day of the taxation year shall be reduced: (a) for the 1975 and 1976 taxation years, by an amount equal to the lesser of: (i) the tax computed under section 3 and section 3B for the taxation years; and

4 4 c. 33 INCOME TAX (ii) $100; and (b) for the 1977 and subsequent taxation years, by an amount equal to the lesser of: (i) the tax computed under section 3 and section 3B for the taxation year; and (ii) $ , c.33, s.3. New section 3B 4 Section 3B, as enacted by chapter 23 of the Statutes of Saskatchewan, 1976, is repealed and the following substituted therefor: Increase in taxes 3B The tax otherwise payable under this Act pursuant to section 3 for a taxation year by an individual residing in Saskatchewan on the last day of the taxation year shall be increased: (a) for the 1976 taxation year, by an amount equal to ten per cent of the amount that the tax computed under section 3 for the taxation year exceeds $1,500; and (b) for the 1977 taxation year, by an amount equal to ten per cent of the amount that the tax computed under section 3 for the taxation year exceeds $2, , c.33, s.4. Section 4 amended 5(1) Subsection (1) of section 4, as amended by chapter 3 of the Statutes of Saskatchewan, 1966 (second session), chapter 48 of the Statutes of Saskatchewan, 1973, chapter 21 of the Statutes of Saskatchewan, and by chapter 32 of the Statutes of Saskatchewan, , is further amended by adding after Saskatchewan in the third line the following: less the royalty tax rebate, if any, to which a corporation is entitled in the year pursuant to section 5A. (2) Subsection (1) of section 4, as amended by chapter 3 of the Statutes of Saskatchewan, 1966 (second session), chapter 48 of the Statutes of Saskatchewan, 1973, chapter 21 of the Statutes of Saskatchewan, and by chapter 32 of the Statutes of Saskatchewan, , is further amended by striking out twelve in the second line and substituting fourteen. (3) Section 4, as amended by chapter 3 of the Statutes of Saskatchewan, 1966 (second session), chapter 55 of the Statutes of Saskatchewan, 1972, chapter 48 of the Statutes of Saskatchewan, 1973, chapter 21 of the Statutes of Saskatchewan, and by chapter 32 of the Statutes of Saskatchewan, , is further amended by adding after subsection (3) the following subsection: (4) Notwithstanding subsection (1), the tax payable by a corporation under this Act, for a taxation year when the corporation is eligible for a deduction under section 125 of the Federal Act, is equal to the aggregate of:

5 INCOME TAX c (a) twelve per cent of an amount calculated by allocating to Saskatchewan, on the same basis as set out in the regulations made under paragraph (a) of subsection (4) of section 124 of the Federal Act, the least of the amounts calculated under paragraphs (a), (b), (c) and (d) of subsection (1) of section 125 of the Federal Act and allowed for the purposes of subsection (1) of section 125 of the Federal Act; and (b) fourteen per cent of an amount calculated by deducting from the corporation s total taxable income earned in Saskatchewan during the taxation year the amount on which the twelve per cent rate is applied in clause (a) of this subsection , c.33, s.5. Section5 amended 6 Subsection (1) of section 5, as enacted by chapter 55 of the Statutes of Saskatchewan, 1972 and amended by chapter 21 of the Statutes of Saskatchewan, , is further amended by striking out twelve in the first line of , c.33, s.6. Section 8 amended 7 Subsection (2) of section 8, as amended by chapter 55 of the Statutes of Saskatchewan, 1972, is repealed and the following substituted therefor: (2) Subsection (1) applies only in the case of an individual whose chief source of income throughout the averaging period is from farming or fishing , c.33, s.7. Section 12 amended 8 Subsection (1) of section 12, as amended by chapter 55 of the Statutes of Saskatchewan,1972, is further amended: (a) by inserting after clause (d) the following clause: (d-a) paying an amount as a benefit under the Unemployment Insurance Act, 1971, chapter 48 of the Statutes of Canada, , as amended from time to time ; (b) by striking out or in the second line of clause (g); and (c) by adding after clause (h) the following clauses: (i) paying an adult training allowance under the Adult Occupational Training Act, chapter A-2 of The Revised Statutes of Canada, 1970, as amended from time to time; (j) making a payment out of or under a registered retirement savings plan, as referred to in section 146 of the Federal Act, or a plan referred to in subsection (12) of section 146 of the Federal Act as an amended plan ; or (k) paying an amount as, on account of or in lieu of payment of, or in satisfaction of, proceeds of the surrender, cancellation or redemption of an income averaging annuity contract, as referred to in section 61 of the Federal Act , c.33, s.8.

6 6 c. 33 INCOME TAX Section 15 amended 9 Subsection (1) of section 15, as enacted by chapter 21 of the Statutes of Saskatchewan, , is amended by inserting after for in the fourth line of subclause (i) of clause (b) the following: the year or for , c.33, s.9. Coming into force 10(1) Subject to subsections (2), (3) and (4), this Act comes into force on the day of assent. (2) Subsection (1) of section 5 of this Act comes into force on the day of assent but is retroactive and shall be deemed to have been in force on and from the seventh day of May, (3) Subsection (2) of section 2 and sections 7 and 9 of this Act come into force on the day of assent but are retroactive and shall be deemed to have been in force on and from the first day of January, (4) Subsection (1) of section 2, sections 3 and 4, sub sections (2) and (3) of section 5 and sections 6 and 8 of this Act come into force on the day of assent but are retroactive and shall be deemed to have been in force on and from the first day of January, , c.33, s.10. Regina, Saskatchewan Printed by the authority of THE QUEEN S PRINTER

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