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Newfoundland and Labrador
Regulation 2016


NEWFOUNDLAND AND LABRADOR REGULATION 32/16

NEWFOUNDLAND AND LABRADOR
REGULATION 32/16

Income Supplement and Seniors' Benefit Regulations
under the
Income Tax Act, 2000
(O.C. 2016-102)

(Filed June 30, 2016)

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 30, 2016.

Julia Mullaley
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   Short title

        2.   Definitions

        3.   Calculation

        4.   Commencement


Short title

        1. These regulations may be cited as the Income Supplement and Seniors' Benefit Regulations.

Definitions

        2. In these regulations

             (a)  "Act" means the Income Tax Act, 2000;

             (b)  "adjusted income", "cohabiting spouse or common law partner", "qualified dependant" and "qualified relation" have the same meanings assigned to them under paragraph 34(1)(a) of the Act; and

             (c)  "eligible individual" has the same meaning assigned to it under paragraph 34(1)(b) of the Act.

Calculation

        3. (1) For the purpose of subsection 34(3) of the Act, the amount referred to in that subsection shall be the total of

             (a)  the amount by which the total of

                      (i)  $220,

                     (ii)  the lesser of $230 and 4.6% of the amount by which the individual's adjusted income for the taxation year exceeds $15,000,

                    (iii)  $60 for the qualified relation, if any, of the individual in relation to the specified month, and

                    (iv)  the product obtained when $200 is multiplied by the number of qualified dependants of the individual in relation to the specified month,

exceeds

                     (v)  9% of the amount by which the individual’s adjusted income for the taxation year exceeds $40,000;

             (b)  the amount by which the total of

                      (i)  $200 where the individual is eligible to claim an amount under subsection 118.3(1) of the federal Act, and

                     (ii)  $200 where the qualified relation of the individual is eligible to claim an amount under subsection 118.3(1) of the federal Act,

exceeds

                    (iii)  1.4% of the amount by which the individual's adjusted income for the taxation year exceeds $29,402; and

             (c)  the amount by which the total of

                      (i)  where there is no qualified relation, $1,313 for an eligible individual who is 64 years of age or over at any time in the taxation year, and

                     (ii)  where there is a qualified relation, $1,313 for one eligible individual who is 64 years of age or over any time in the taxation year,

exceeds

                    (iii)  11.66% of the amount by which the individual's adjusted income for the taxation year exceeds $29,402.

             (2)  With respect to subparagraph (1)(c)(ii), notwithstanding a circumstance where both cohabiting spouses or common law partners qualify for the amount under that subparagraph, only one of the cohabiting spouses or common law partners shall be eligible for that amount.

Commencement

        4. These regulations come into force on July 1, 2016.