NEWFOUNDLAND AND LABRADOR
REGULATION 32/16
Income Supplement and Seniors' Benefit Regulations
under the
Income Tax Act, 2000
(O.C. 2016-102)
Amended by:
26/22
34/23
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
Short title
1.
These regulations may be cited as the Income Supplement and Seniors' Benefit Regulations
.
32/16 s1
Back to Top
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.
32/16 s2
Back to Top
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)
$254,
(ii)
the lesser of $266 and 5.32% of the amount by which the individual's adjusted income for the taxation year exceeds $15,000,
(iii)
$69 for the qualified relation, if any, of the individual in relation to the specified month, and
(iv)
the product obtained when $231 is multiplied by the number of qualified dependents 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)
$231 where the individual is eligible to claim an amount under subsection 118.3(1) of the federal Act, and
(ii)
$231 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, $1,516 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, $1,516 for one eligible individual who is 64 years of age or over at 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.
32/16 s3; 26/22 s1; 34/23 s1
Back to Top
Commencement
4.
These regulations come into force on July 1, 2016.
32/16 s4
©Queen's Printer