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Newfoundland and Labrador
Seniors'
Benefit Regulations, 2007 (Amendment) (Filed July 8, 2014) Under the authority of section 68 of the Income Tax Act, 2000 the Lieutenant-Governor in Council makes the following regulations. Dated at Julia Mullaley REGULATIONS Analysis 1.
S.3 Amdt. 2.
S.4 Amdt. 3. Commencement NLR 119/07 1. Subsection 3(1) of the Seniors' Benefit Regulations is repealed and the following substituted: Seniors' benefit calculation 3. (1) For the purpose 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, $1,036 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 $28,654; and (b) where there is a qualified relation, $1,036 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 $28,654. 2. Subsection 4(2) of the regulations is repealed and the following substituted: (2) Notwithstanding subsection (1), indexation required by that subsection shall not be carried out before the 2015 taxation year. Commencement 3. This regulation is considered to have come into force on April 1, 2014. © Queen's Printer |