NEWFOUNDLAND AND LABRADOR
REGULATION 21/09

Seniors' Benefit Regulations, 2007 (Amendment)
under the
Income Tax Act, 2000
(O.C. 2009-088)

(Filed March 31, 2009)

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

Dated at St. John's, March 26, 2009.

Gary Norris
Clerk of the Executive Council

REGULATIONS

Analysis

        1.  S.3 R&S
Seniors' benefit calculation

        2.   Commencement

NRL 119/07

        1. Section 3 of the Seniors' Benefit Regulations, 2007 is repealed and the following substituted:

Seniors' benefit calculation

        3. (1) 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, $776 for an eligible individual who is 64 years of age or over at any time in the taxation year, reduced by 11.66% of the amount by which the eligible individual's adjusted income for the taxation year exceeds $25, 275; and

             (b)  where there is a qualified relation, $776 for one eligible individual who is 64 years of age or over any time in the taxation year, 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, 275.

             (2)  With respect to paragraph (1)(b), notwithstanding a circumstance where both spouses or common law partners qualify under that paragraph, the benefit shall be paid only once.

Commencement

        2. These regulations shall be considered to have come into force on January 1, 2008.

©Earl G. Tucker, Queen's Printer