Short title

        1. These regulations may be cited as the Income Supplement and Seniors' Benefit Regulations .

32/16 s1

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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

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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

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Commencement

        4. These regulations come into force on July 1, 2016.

32/16 s4

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