NEWFOUNDLAND AND LABRADOR
REGULATION 119/07

Seniors' Benefit Regulations, 2007
under the
Income Tax Act, 2000
(O.C. 2007-481)

(Filed December 5, 2007)

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, December 3, 2007.

Gary Norris
Clerk of the Executive Council

REGULATIONS

Analysis

        1.   Short title

        2.   Definitions

        3.   Seniors' benefit calculation

        4.   Indexation

        5.   Repeal

        6.   Commencement

Short title

        1. These Regulations may be cited as the Seniors' Benefit Regulations, 2007.

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

             (a)  where there is no qualified relation, $384 for an eligible individual who is 64 years of age or over at any time in the taxation year, reduced by 5.83% of the amount by which the eligible individual's adjusted income for the taxation year exceeds $15,333;

             (b)  where there is a qualified relation who is not 64 years of age or over any time in the taxation year, $384 for an eligible individual who is 64 years of age or over any time in the taxation year, reduced by 5.83% of the amount by which the combined adjusted income for the eligible individual and qualified relation for the taxation year exceeds $25,000; and

             (c)  where there is a qualified relation who is 64 years of age or over any time in the taxation year, $384 for an eligible individual who is 64 years of age or over any time in the taxation year plus $384 for the qualified relation, reduced by 11.66% of the amount by which the combined adjusted income for the eligible individual and qualified relation for the taxation year exceeds $25,000.

Indexation

        4. All amounts expressed in dollars in these regulations shall be indexed in accordance with subsection 6.1(2) of the Act and for that purpose "relevant section" in paragraph 6.1(3)(b) of the Act is considered to include these regulations.

Repeal

        5. The Newfoundland and Labrador Seniors' Benefit Regulations, 2006, Newfoundland and Labrador Regulations 84/06, are repealed.

Commencement

        6. These regulations are considered to have come into force on January 1, 2007.

©Earl G. Tucker, Queen's Printer