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C-295
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ENGLISHSUMMARYSUMMARY1 Income Tax Act1 Income Tax Act
Second Session, Forty-third Parliament,
69-70 Elizabeth II, 2020-2021
HOUSE OF COMMONS OF CANADA
BILL C-295
An Act to amend the Income Tax Act (recent graduates working in a designated region)
FIRST READING, May 7, 2021
Mr. Blanchette-Joncas
432110
SUMMARY
This enactment amends the Income Tax Act in order to provide a tax credit to certain recent graduates who work in a designated region.
Available on the House of Commons website at the following address:
www.ourcommons.ca
2nd Session, 43rd Parliament,
69-70 Elizabeth II, 2020-2021
HOUSE OF COMMONS OF CANADA
BILL C-295
An Act to amend the Income Tax Act (recent graduates working in a designated region)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.S., c. 1 (5th Supp.)
Income Tax Act
1 The Income Tax Act is amended by adding the following after section 118.62:
Definitions
118.63 (1) The following definitions apply in this section.
designated region means any region, other than a metropolitan area with more than 200,000 inhabitants, designated on December 31, 1984, under section 3 of the Regional Development Incentives Act. (région désignée)
qualifying employment means an office or employment that the individual begins to hold during the 24 months following the day on which they obtain a recognized diploma, if
(a) the recognized diploma is in a field related to the duties the individual performs in connection with the office or employment; and
(b) the individual normally performs these duties in a designated region. (emploi admissible)
recognized diploma means a degree, certificate or other diploma granted by a designated educational institution or a corresponding foreign degree, certificate or other diploma. (diplôme reconnu)
Tax credit for recent graduates working in a designated region
(2) For the purpose of computing the tax payable under this Part by an individual for a taxation year during which the individual holds qualifying employment, there may be deducted an amount equal to the lesser of
(a) 40% of the total of all amounts each of which is the individual’s income from qualifying employment for the year;
(b) $3,000; and
(c) the amount by which $8,000 exceeds the total of all amounts each of which is the amount deducted under this section from the calculation of the tax payable for a previous taxation year.
2 Section 118.92 of the Act is replaced by the following:
Ordering of credits
118.92 In computing an individual’s tax payable under this Part, the following provisions shall be applied in the following order: subsections 118(1) and (2), section 118.7, subsections 118(3) and (10) and sections 118.63, 118.01, 118.02, 118.04, 118.041, 118.05, 118.06, 118.07, 118.3, 118.61, 118.5, 118.9, 118.8, 118.2, 118.1, 118.62 and 121.
3 This Act applies to the 2021 and subsequent taxation years.
Published under authority of the Speaker of the House of Commons
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