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St. John's, Newfoundland and Labrador, Canada

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Newfoundland and Labrador
Regulation 2011


NEWFOUNDLAND AND LABRADOR REGULATION 60/11

NEWFOUNDLAND AND LABRADOR
REGULATION 60/11

Child and Parental Benefits Regulations (Amendment)
under the
Income Tax Act, 2000
(O.C. 2011-184)

(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.

Dated at St. John’s, June 20, 2011.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.7 R&S
Benefit reduction calculation

        2.   Commencement


NLR 43/09
as amended

        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 Section 7 of the Child and Parental Benefits Regulations is repealed and the following substituted: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

                    (iv)  the total of 16.22%, and the product obtained by multiplying the number of qualified dependents in excess of 3 by 6.19%.

Commencement

        2. This regulation comes into force on July 1, 2011.