This is an official version.

Copyright © 2010: Queen's Printer,
St. John's, Newfoundland and Labrador, Canada

Important Information
(Includes details about the availability of printed and electronic versions of the Statutes.)

Newfoundland and Labrador
Regulation 2010


NEWFOUNDLAND AND LABRADOR REGULATION 87/10

NEWFOUNDLAND AND LABRADOR
REGULATION 87/10

Seniorsí Benefit Regulations, 2007 (Amendment)
under the
Income Tax Act, 2000
(O.C. 2010-238)

(Filed September 21, 2010)

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

Dated at St. Johnís, September 3, 2010.

Gary Norris
Clerk of the Executive Council

REGULATIONS

Analysis


††††††† 1. S.3 Amdt.
Seniors' benefit calculation

††††††† 2. S.4 Amdt.
Indexation


NLR 119/07
as amended

††††††† 1. Paragraphs 3(1)(a) and (b) of the Seniors' Benefit Regulations, 2007 are repealed and the following substituted:

†††††††††††† (a)where there is no qualified relation, $900 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 $26, 165; and

†††††††††††† (b)where there is a qualified relation, $900 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 $26, 165.

 

††††††† 2. Section 4 of the regulations is amended by renumbering it as subsection 4(1) and by adding immediately after that subsection the following:

†††††††††††† (2)Notwithstanding subsection (1), indexation required by that subsection shall not be carried out before the 2011 taxation year.