TAX REVIEW - Changes in the Income Tax Act, 1949 - Maximm Deduction For Medical Expenses

Sep 30, 2026

Income Tax Regulations outlining allowances, deductions, and election rules under the Income Tax Act, focusing on Parts XI to XIV and related schedules. Includes publication information for The Tax Review and an erratum correcting a 1949 notice on the maximum medical expense deduction for persons with marital or equivalent status, clarifying the correct amount under ITA 1948. Provides the governing language for regulatory implementation for 1949 and subsequent taxation years.

LanguageEnglish

CategoryExam

FormatPDF

Pages16

Reading Time40 min

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Changes in the Income Tax Act, 1949

Maximm Deduction For Medical Expenses

The Income Tax Act Consolidated 1949

The Income Tax Regulations

Part XI—Allowances in Respect of Capital Cost

Part XII—Deduction in Respect of Oil Wells, Gas Wells and Certain Mines

Part XIII—Deductions Allowed in Respect of Certain Dividends

Part XIV—Election by Investment Companies

| hartered/Iccountant
TAXREVIEW | | --- | | JANUARY 1950 | | Vol.[1950]
Pages 1-13
Contentt
THE INCOME TAX REGULATIONS
Respecting
(1)ALLOWANCES IN RESPECT OF CAPITAL COST(PART XI)
(2)DEDUCTION IN RESPECT OF OIL WELLS,GAS WELLS AND CERTAIN MINES
(PART XII)
(3)DEDUCTIONS ALLOWED IN RESPECT OF CERTAIN DIVIDENDS(PART XIII)
(4)ELECTION BY INVESTMENT COMPANIES(PART XIV)
Quebec Corporation Tax —Deduction of Taxes under Sec.9 | | OF CHARTERED ACCOUNTANTS
PUBLISHED BY THE DOMINION ASSOCIATION | Price 50c Published Monthly R.F.BRUCE TAYLOR,F.C.A.,Cbairman,Editorial Committee Editorial and Business Offces,10 Adelaide Street East,Toronto,Ontario M.I.PIERCE,B.A.,LL.B.,EditorC.L.KING,B.Com.,C.A.,Associate EditorJEAN VALE,B.A.,Assistant Editor Additional subscriptions to The Tax Reviewmay be purchased by subscribers to TheCanadian Chartered Accountant at $3.00year.Single copies 50c. ERRATUMThe Tax Review [1949]page 148 # CHANGES IN THE INCOME TAX ACT,1949 Maximm Deduction For Medical Expenses Paragraph 9(c)which states that the maximum deduction for medicalexpenses under s.26(b)(vii)has been increased from $1500 to $2000 forpersons possessing marital or equivalent status is in error. Tbere bas been so increase in the maximm dedsction for medical ex-penses permitted sach persoNs:it remains at $1000 aJ ander ITA 1948,c.52,s.26(b)(vii) Min Inco # THE INCOME TAX ACT CONSOLIDATED 1949 Inco the The Dominion Association of Chartered Accountants announces pub-lication of a volume containing the new Income Tax Act which consolidatesthe recently enacted amendments.This volume may be purchased bymembers of the Association and others at $1.50 per copy.Additional copiesmay be obtained at $1.00 per copy. regu 1100 Act, paye busir. be,( equal # THE TAX REVIEW (4) spe By The Dominion Association of Chartered Accountants nui to of ( (i Opinions expressed in articles and commentare not neceasarily endoraed by The DominionAssociation of Chartered Accountants.Binders for fling Tbe Tax Reviow 33.00. (i ( ( [1950] Sec.1100 1100.(1)Under sec.11(1)(a)of theAct,there is hereby allowed to a tax-payer,in computing his income from abusiness or property,as the case maybe,deductions for each taxation yearequal to (4)such amount as he may cdaim in re-spect of property of each of the classesnumbered 1 to 12,inclusive,in Sch.Bto these Regs.not exceeding in respectof property (i)of class 1,4%,(ii)of class 2,4%,(iii)of dlass 3,5%,(iv)of class 4,6%,(v)of class 5,10%,(vi)of class6,10%, ot THE TAX REVIEW PUBLISHED BY THE DOMINION ASSOCIATION OF CHARTERED ACCOUNTANTS Pages 1-13 January # THE INCOME TAX REGULATIONS PART XI —ALLOWANCES IN RESPECT OF CAPITAL COST(ITA s.11)(1)(a)).….1 # PART XII—DEDUCTION IN RESPECT OF OIL WELLS,GAS WELLS AND CERTAIN MINES(ITA s.11(1)(b))………………………… …5 PART XIII—DEDUCTIONS ALLOWED IN RESPECT OF CERTAIN DIVIDENDS(ITA s.11(2))…………………… …… … …… … ………6 # PART XIV—ELECTION BY INVESTMENT COMPANIES(ITA s.62(2))……………7 P.C.6385,December 21,1949 HIS EXCELLENCY the Governor General in Council,on the recommendation of theMinister of National Revenue and by virtue of the powers conferred by sec.106 of theIncome Tax Act,1948,c.52,is pleased to make the annexed regulations entitled "TheIncome Tax Regulations,Parts XI,XII,XIII and XIV,and Schedules B,C,D and E tothe Regulations”applicable to the 1949 and subsequent taxation years,and the saidregulations are hereby made and established accordingly. Canada Gazette,December 22,1949 # PART XI ALLOWANCES IN RESPECT OF CAPITAL CoST (vii)of class 7,15%,(viii)of cass 8,20%,(ix)of class 9,25%(x)of class 10,30%(xi)of class 11,50%,and(xii)of class 12,100% of the undepreciated capital cost to himas of the end of the taxation year(be-fore making any deduction under thissubsection for the taxation year)ofproperty of the class; (b)where a taxpaye

FAQs

What correction does the erratum make for the maximum medical expense deduction in 1949?

It states the increase from $1500 to $2000 was in error for persons with marital or equivalent status. The maximum remains at $1000 under ITA 1948, c.52, s.26(b)(vii).

Which parts of the Income Tax Regulations are covered in this issue?

Parts XI, XII, XIII, and XIV are covered, each addressing specific allowances, deductions, and an election by investment companies.

How are the Income Tax Regulations applied for 1949 and later taxation years?

They are made applicable to the 1949 and subsequent taxation years by order of the Governor General in Council based on powers under the Income Tax Act, 1948.

Sep 30, 2026

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