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Income Tax Act

Version of section 67.2 from 2004-08-31 to 2019-06-20:

Marginal note:Interest on money borrowed for passenger vehicle

 For the purposes of this Act, where an amount is paid or payable for a period by a person in respect of interest on borrowed money used to acquire a passenger vehicle or on an amount paid or payable for the acquisition of such a vehicle, in computing the person’s income for a taxation year, the amount of interest so paid or payable shall be deemed to be the lesser of the actual amount paid or payable and the amount determined by the formula

A/30 × B


is $250 or such other amount as may be prescribed; and
is the number of days in the period in respect of which the interest was paid or payable, as the case may be.
  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • R.S., 1985, c. 1 (5th Supp.), s. 67.2
  • 1994, c. 7, Sch. II, s. 44

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