13 May 1992 Internal T.I. 9212457 F - Impairment Credit Indexation Amount

By services, 7 July, 2022
Official title
Impairment Credit Indexation Amount
Language
French
CRA tags
118.3(1), 117.1(1)
Document number
Citation name
9212457
Severed letter type
Technical Interpretation - Internal
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
649483
Extra import data
{
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"field_proprietary_citation": [],
"field_release_date_new": "1992-05-13 08:00:00",
"field_tags": []
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Main text
  921245
  R.B. Day
  (613) 957-2136

May 13, 1992

Halifax District OfficeBusiness and General DivisionJ.D. GlennieChief of Enquiries and Office Examination

Section 118.3

We are writing in reply to your memorandum of April 21, 1992, wherein you requested our views as to whether or not the amount of $4,118 in subsection 118.3(1) of the Income Tax Act is the correct amount for the 1991 taxation year or if this amount has to be indexed for 1991.

Our Comments

The $4,118 amount is the correct figure for the 1991 taxation year and does not require indexation for 1991.  Pursuant to the indexing formula in subsection 117.1(1) this amount is increased to $4,233 for the 1992 taxation year.

We are enclosing for your information, a copy of page 33 of the T1 Guide and page 118-943 of Canada Tax Service, dated March 20, 1992.

P.D. FuocoSection ChiefPersonal and General SectionBusiness and General DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch