Statutes of Newfoundland and Labrador 2021 Chapter 11

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SNL2000 cI-1.1
as amended

1. Section 7 of the Income Tax Act, 2000 is repealed and the following substituted:

Amount of tax payable

7. (1) The tax payable under this Part for a taxation year by an individual on the individual's taxable income or taxable income earned in Canada, in sections 6 to 33 referred to as the "taxable income" for the 2022 taxation year and subsequent taxation years is

(a) if the taxable income does not exceed $38,081, 8.7% of the taxable income;

(b) if the taxable income exceeds $38,081 and does not exceed $76,161, the maximum amount determinable in respect of the taxation year under paragraph (a) plus 14.5% of the amount by which the taxable income exceeds $38,081 for the year;

(c) if the taxable income exceeds $76,161 and does not exceed $135,973, the maximum amount determinable in respect of the taxation year under paragraph (b) plus 15.8% of the amount by which the taxable income exceeds $76,161 for the year;

(d) if the taxable income exceeds $135,973 and does not exceed $190,363, the maximum amount determinable in respect of the taxation year under paragraph (c) plus 17.8% of the amount by which the taxable income exceeds $135,973 for the year;

(e) if the taxable income exceeds $190,363 and does not exceed $250,000, the maximum amount determinable in respect of the taxation year under paragraph (d) plus 19.8% of the amount by which the taxable income exceeds $190,363 for the year;

(f) if the taxable income exceeds $250,000 and does not exceed $500,000, the maximum amount determinable in respect of the taxation year under paragraph (e) plus 20.8% of the amount by which the taxable income exceeds $250,000 for the year;

(g) if the taxable income exceeds $500,000 and does not exceed $1,000,000, the maximum amount determinable in respect of the taxation year under paragraph (f) plus 21.3% of the amount by which the taxable income exceeds $500,000 for the year; and

(h) if the taxable income exceeds $1,000,000, the maximum amount determinable in respect of the taxation year under paragraph (g) plus 21.8% of the amount by which the taxable income exceeds $1,000,000 for the year.

(2) Notwithstanding section 6.1, the amounts referred to in paragraphs (1)(a) to (d) and the amount of $190,363 referred to in paragraph (1)(e) shall be adjusted as prescribed in that section for the 2022 taxation year.

(3) Notwithstanding section 6.1, the amount of $250,000 referred to in paragraph (1)(e) and the amounts referred to in paragraphs (1)(f), (g) and (h) shall not be adjusted as prescribed in that section before the 2023 taxation year.

Commencement

2. This Act comes into force on January 1, 2022.