NLR 32/16 - Income Supplement and Seniors' Benefit Regulations under the Income Tax Act, 2000

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 36/25 17/26 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 3.1 Indexation 4. Commencement 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. 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, $1,882 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, $1,882 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 $30,409. 32/16 s3 ; 26/22 s1 ; 34/23 s1 ; 17/26 s1 Back to Top Indexation 3.1 (1) All amounts expressed in dollars in paragraph 3(c) shall be indexed in accordance with subsection 6.1(2) of the Act and for that purpose "relevant section" in paragraph 6.1(3)(b) of the Act is considered to include paragraph 3(c) of these regulations. (2) Notwithstanding subsection (1), indexation required under that subsection shall not be carried out for the 2026 taxation year. 36/25 s1 ; 17/26 s2 Back to Top Commencement 4. These regulations come into force on July 1, 2016. 32/16 s4