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First
Session, 48th General Assembly 65
Elizabeth II, 2016 |
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AN ACT TO AMEND THE
INCOME TAX ACT, 2000 |
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Received and Read the First Time................................................................................................. |
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Second |
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Committee.......................................................................................................................................... |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
CATHY BENNETT Minister of Finance and President of Treasury Board |
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Ordered
to be printed by the Honourable House of Assembly |
EXPLANATORY NOTE This Bill would amend the Income Tax Act, 2000 to increase the rate of personal income tax payable for all income ranges. |
A BILL AN ACT TO AMEND THE INCOME TAX ACT, 2000 Analysis 1.
S.7 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL2000 cI-1.1 1. (1) Subsection 7(1) of the Income Tax Act, 2000 is amended by deleting the words and comma "and subsequent taxation years, is" and substituting the word and comma "taxation year, is". (2) Subsection 7(2) of the Act is repealed and the following substituted: (2) The tax payable under this Part for a taxation year by an individual on the individual's taxable income or taxable income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 2016 taxation year is (a) 8.2% of the taxable income if the taxable income does not exceed $35,148; (b) $2,882 plus 13.5% of the amount by which the taxable income exceeds $35,148 and does not exceed $70,295; (c) $7,627 plus 14.55% of the amount by which the taxable income exceeds $70,295 and does not exceed $125,500; (d) $15,659 plus 15.8% of the amount by which the taxable income exceeds $125,500 and does not exceed $175,700; and (e) $23,591 plus 16.8% of the amount by which the taxable income exceeds $175,700. (3) The tax payable under this Part for a taxation
year by an individual on the individual's taxable income or taxable income
earned in (a) if the taxable income does not exceed $35,148, 8.7% of the taxable income; (b) if the taxable income exceeds $35,148 and does not exceed $70,295, (i) the highest amount that might be determined for an individual under paragraph (a) of this subsection, plus (ii) 14.5% of the taxable income that exceeds $35,148 and does not exceed $70,295; (c) if the taxable income exceeds $70,295 and does not exceed $125,500, (i) the highest amount that might be determined for an individual under paragraph (b) of this subsection, plus (ii) 15.8% of the taxable income that exceeds $70,295 and does not exceed $125,500; (d) if the taxable income exceeds $125,500 and does not exceed $175,700, (i) the highest amount that might be determined for an individual under paragraph (c) of this subsection, plus (ii) 17.3% of the taxable income that exceeds $125,500 and does not exceed $175,700; and (e) if the taxable income exceeds $175,700, (i) the highest amount that might be determined for an individual under paragraph (d) of this subsection, plus (ii) 18.3% of the taxable income that exceeds $175,700. ©Queen's Printer |