NEWFOUNDLAND AND LABRADOR
REGULATION 26/22

Income Supplement and Seniors' Benefit Regulations (Amendment)
under the
Income Tax Act, 2000
(O.C. 2022-102)

(Filed April 28, 2022)

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, April 27, 2022.

Krista Quinlan
Clerk of the Executive Council

REGULATIONS

Analysis

        1.   S.3 Amdt.
Calculation

        2.   Commencement

NLR 32/16

        1. Subsection 3(1) of the Income Supplement and Seniors' Benefit Regulations is repealed and the following substituted:

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)  $242,

                     (ii)  the lesser of $253 and 5.06% of the amount by which the individual's adjusted income for the taxation year exceeds $15,000,

                    (iii)  $66 for the qualified relation, if any, of the individual in relation to the specified month, and

                    (iv)  the product obtained when $220 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)  $220 where the individual is eligible to claim an amount under subsection 118.3(1) of the federal Act, and

                     (ii)  $220 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, $1,444 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, $1,444 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.

Commencement

        2. These regulations come into force on July 1, 2022.

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