I-3 - Taxation Act

Section 1029.8.61.104 Disposition versions

2023-09-26

1029.8.61.104. An eligible individual for a taxation year is deemed to have paid to the Minister, on the eligible individual’s balance-due day for that year, on account of the eligible individual’s tax payable under this Part for the year, if the eligible individual and, where applicable, the eligible individual’s eligible spouse for the year file a fiscal return under section 1000 for the year, an amount equal to the amount determined by the formula

A − B.

In the formula in the first paragraph,

(a)  A is the aggregate of

i.  $2,000, where the eligible individual is at least 70 years of age at the end of 31 December of the year or, if the eligible individual died in the year, on the date of the death, and

ii.  $2,000, where the eligible individual has an eligible spouse for the year who is both an eligible individual for the year and at least 70 years of age at the end of 31 December of the year or, if the eligible spouse died in the year, on the date of the death; and

(b)  B is the amount obtained by multiplying, by the rate determined for the year under the third paragraph, the amount by which the eligible individual’s family income for the year exceeds

i.  $24,195, where the eligible individual does not have an eligible spouse for the year, or

ii.  $39,350, where the eligible individual has an eligible spouse for the year.

The rate to which subparagraph b of the second paragraph refers for a taxation year is the result, expressed as a percentage, of the formula

4,000/(119,350 − C).

In the formula in the third paragraph, C is the amount mentioned in subparagraph ii of subparagraph b of the second paragraph which, with reference to section 1029.6.0.6, is applicable for the taxation year.

Where the result, expressed as a percentage, of the formula in the third paragraph has more than two decimal places, only the first two decimal digits are retained.

2019, c. 14, s. 390; 2022, c. 23, s. 116; 2023, c. 19, s. 111.

2022-06-08

1029.8.61.104. An eligible individual for a taxation year is deemed to have paid to the Minister, on the eligible individual’s balance-due day for that year, on account of the eligible individual’s tax payable under this Part for the year, if the eligible individual and, where applicable, the eligible individual’s eligible spouse for the year file a fiscal return under section 1000 for the year, an amount equal to the amount determined by the formula

A − B.

In the formula in the first paragraph,

(a)  A is the aggregate of

i.  $411, where the eligible individual is at least 70 years of age at the end of 31 December of the year or, if the eligible individual died in the year, on the date of the death, and

ii.  $411, where the eligible individual has an eligible spouse for the year who is both an eligible individual for the year and at least 70 years of age at the end of 31 December of the year or, if the eligible spouse died in the year, on the date of the death; and

(b)  B is 5% of the amount by which the eligible individual’s family income for the year exceeds

i.  $24,195, where the eligible individual does not have an eligible spouse for the year, or

ii.  $39,350, where the eligible individual has an eligible spouse for the year.

2019, c. 14, s. 390; 2022, c. 23, s. 116.

2019-06-19

1029.8.61.104. An eligible individual for a taxation year is deemed to have paid to the Minister, on the eligible individual’s balance-due day for that year, on account of the eligible individual’s tax payable under this Part for the year, if the eligible individual and, where applicable, the eligible individual’s eligible spouse for the year file a fiscal return under section 1000 for the year, an amount equal to the amount determined by the formula

A − B.

In the formula in the first paragraph,

(a)  A is the aggregate of

i.  $203, where the eligible individual is at least 70 years of age at the end of 31 December of the year or, if the eligible individual died in the year, on the date of the death, and

ii.  $203, where the eligible individual has an eligible spouse for the year who is both an eligible individual for the year and at least 70 years of age at the end of 31 December of the year or, if the eligible spouse died in the year, on the date of the death; and

(b)  B is 5% of the amount by which the eligible individual’s family income for the year exceeds

i.  $22,885, where the eligible individual does not have an eligible spouse for the year, or

ii.  $37,225, where the eligible individual has an eligible spouse for the year.

2019, c. 14, s. 390.