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Income Tax Act, 2000(O.C. 2004-213)(Filed Under the authority of section 68 of the Dated at Robert C. Thompson REGULATIONS Analysis 1. Short title 2. Definitions 3. Qualified dependent 4. Child benefit calculation 5. Nutritional supplement benefit 6. Benefit reduction calculation 7. Repeal 8. Commencement Short title Definitions (a) "Act" means the (b) "NLCB" means the Qualified dependent Child benefit calculation NLCB = 1/12[(A+B+C+D)-E] where: A = $234 for the first qualified dependent B = $321 for the second qualified dependent C = $345 for the third qualified dependent D = $370 times the number of qualified dependents in excess of 3; and E = the benefit reduction calculated under section 6 Nutritional supplement benefit Benefit reduction calculation (a) is less than or equal to $17,397, the benefit reduction "E" shall equal zero; and (b) is greater than $17,397, the benefit reduction "E" shall be calculated by multiplying the difference between the adjusted income and $17,397 by (i) 4.68% where there is one qualified dependent, (ii) 11.1% where there are 2 qualified dependents, (iii) 18% where there are 3 qualified dependents, and (iv) the total of 18%, and the product obtained by multiplying the number of qualified dependents in excess of 3 by 7.4%. Repeal 7. The Commencement 8. These regulations shall come into force on ©Earl G. Tucker, Queen's Printer |