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Newfoundland Regulation 1999
(Filed May 27, 1999)
Under the authority of section 32 of the Income Tax Act, the Lieutenant-Governor in Council makes the following regulations.
John R. Cummings, Q.C.
1. Short title
3. Qualified dependant
4. Child benefit calculation
5. Benefit reduction calculation
regulations may be cited as the
2. In these regulations
(a) "Act" means the Income Tax Act; and
(b) "NLCB" means the
3. A person who is a qualified dependant of an eligible individual on the first day of a month is a qualified dependant of that individual for that month.
Child benefit calculation
4. The amount of the
NLCB = 1/12[(A + B+ C +D) -E]
A equals $204 for the first qualified dependant;
B equals $312 for the second qualified dependant;
C equals $336 for the third qualified dependant;
D equals $360 times the number of qualified dependants in excess of 3; and
E equals the benefit reduction calculated under section 5.
Benefit reduction calculation
5. 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 $15,921, the benefit reduction "E" shall equal zero; and
(b) is greater than $15,921, the benefit reduction "E" shall be calculated by multiplying the difference between the adjusted income and $15,921 by
(i) 4.08% where there is one qualified dependant,
(ii) 10.32% where there are 2 qualified dependants,
(iii) 17.04%, where there are 3 qualified dependants, and
(iv) the total of 17.04%, and the product obtained by multiplying the number of qualified dependants in excess of 3 by 7.2%.
6. These regulations shall come into force on
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