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St. John's, Newfoundland and Labrador, Canada

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Newfoundland and Labrador
Regulation 2005


NEWFOUNDLAND AND LABRADOR REGULATION 60/05

NEWFOUNDLAND AND LABRADOR
REGULATION 60/05

Newfoundland and Labrador Seniors'
Benefit Regulations

under the
Income Tax Act, 2000
(O.C. 2005-413)

(Filed July 26, 2005)

Under the authority of section 68 of the Income Tax Act, 2000 the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, July 21, 2005.

Robert C. Thompson
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   Short title

        2.   Definitions

        3.   Seniors' benefit calculation

        4.   Commencement


Short title

        1. These Regulations may be cited as the Newfoundland and Labrador Seniors' Benefit Regulations.

Definitions

        2. In these regulations

             (a)  "Act" means the Income Tax Act, 2000;

             (b)  "adjusted income" and "qualified relation" have the meanings assigned to them under paragraph 34(1)(a) of the Act; and

             (c)  "eligible individual" has the meaning assigned to it under paragraph 34(1)(b) of the Act.

Seniors' benefit calculation

        3. For the purposes of paragraph 34(4)(b) of the Act, the amount referred to in that paragraph shall be calculated as the amount by which the total of

             (a)  $365 for an eligible individual who is 64 years of age or over at any time in the taxation year; and

             (b)  $365 for a qualified relation who is 64 years of age or over at any time in the taxation year,

exceeds

             (c)  5.83% of the amount by which the individual's adjusted income for the taxation year exceeds $14,608 if either the eligible individual or the qualified relation is 64 years of age or over at any time in the taxation year; and

             (d)  11.66% of the amount by which the individual's adjusted income for the taxation year exceeds $14,608 if both the eligible individual and the qualified relation are 64 years of age or over at any time in the taxation year.

Commencement

        4. These regulations shall be considered to have come into force on January 1, 2005.