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Newfoundland and Labrador
Child and Parental Benefits Regulations (Amendment)
(Filed June 21, 2011)
Under the authority of section 68 of the Income Tax Act, 2000, the Lieutenant-Governor in Council makes the following regulations.
1. Section 7 of the Child and Parental Benefits Regulations is repealed and the following substituted:
Benefit reduction calculation
7. Where the adjusted income of an eligible individual for a base taxation year, in relation to a month
(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) 5.07% where there is one qualified dependent,
(ii) 10.45% where there are 2 qualified dependents,
(iii) 16.22% where there are 3 qualified dependents, and
2. This regulation comes into force on July 1, 2011.