B.C. Reg. 231/98
O.C. 799/98 |
Deposited June 30, 1998
effective July 1, 1998 |
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This archived regulation consolidation is current to December 3, 2004 and includes changes enacted and in force by that date. For the most current information, click here. |
Income Tax Act
INCOME TAX (BC FAMILY BONUS) REGULATION
[includes amendments up to B.C. Reg.
202/2004]
Definition
1 In this regulation, "Act" means the Income Tax Act.
BC Basic Family Bonus
2 (1) Subject to subsection
(2), the amount to be applied under section 10 (3) (a) of the Act as the BC
basic family bonus is the amount calculated as follows:
| (a)
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by calculating the amount determined by the formula
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|
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[$111 x N]
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–
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 |
P
|
 |
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12
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| where
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N
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=
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the number of qualified dependants in
respect of whom the person was
an eligible individual at the beginning of the applicable month;
|
P
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=
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whichever of the following applies,
depending on the number of qualified dependants:
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(i)
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if the person was an eligible individual
at the beginning of that month
in respect of only one qualified dependant, 9% of the amount, if any,
by which the person’s adjusted income for the base taxation year in
relation to the month exceeds $20 500;
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(ii)
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if the person was an eligible individual at
the beginning of that month
in respect of more than one qualified dependant, 18% of the amount,
if any, by which the person’s adjusted income for the base taxation
year in relation to the month exceeds $20 500;
|
| (b)
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by calculating the amount determined by the formula
|
|
|
|
|
| where
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C
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=
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whichever of the following applies, depending on the number of qualified
dependants:
|
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(i)
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if the person was an eligible individual
at the beginning of that month
in respect of only one qualified dependant, $1 361;
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(ii)
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if the person was an eligible individual
at the beginning of that month
in respect of more than one qualified dependant, the total of
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(A)
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$1 361 for the first qualified dependant,
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(B)
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$1 160 for the second qualified dependant, and
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(C)
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$1 085 for each of the third and subsequent qualified
dependants, if any;
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G
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=
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whichever of the following applies,
depending on the number of qualified dependants:
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(i)
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if the person was an eligible individual
at the beginning of that month
in respect of only one qualified dependant, 12.2% of the amount, if
any, by which the person’s adjusted income for the base taxation year
in relation to the month exceeds $22 615;
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(ii)
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if the person was an eligible individual
at the beginning of that month
in respect of 2 qualified dependants, 22.5% of the amount, if any, by
which the person’s adjusted income for the base taxation year in
relation to the month exceeds $22 615;
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(iii)
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if the person was an eligible individual
at the beginning of that month
in respect of 3 or more qualified dependants, 32.1% of the amount, if
any, by which the person’s adjusted income for the base taxation year
in relation to the month exceeds $22 615;
|
| (c)
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by subtracting from the amount
calculated in accordance with paragraph (a)
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|
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(i)
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the amount calculated in accordance with paragraph (b), or
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(ii)
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nil, if the amount calculated in accordance with paragraph (b) is less than zero.
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(2) If the amount calculated under subsection (1) is
less than zero, it is deemed to be nil for the purposes of section 10 (3) (a) of
the Act.
[am. B.C. Regs. 166/99, s. 1; 57/2000; 88/2001;
147/2002; 127/2003; 202/2004, s. (a).]
BC Earned Income Benefit
3 (1) Subject to subsection (2), the amount to be applied under section 10 (3) (b) of the Act as the BC earned income benefit is the amount calculated in accordance with the following formula:
({B
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x
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[(D
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–
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$3750)
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÷
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$6250]}
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–
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E)
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÷
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12
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where
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B
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=
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whichever of the following applies, depending on the number
of qualified dependants:
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(a)
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if the person was an eligible individual at the beginning
of that month in respect of only one qualified dependant, $576;
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(b)
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if the person was an eligible individual at the beginning
of that month in respect of more than one qualified
dependant, the total of
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(i)
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$576 for the first qualified dependant,
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(ii)
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$434 for the second qualified dependant, and
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(iii)
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$330 for each of the third and subsequent dependants, if any;
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D
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=
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the lesser of $10 000 and the person's adjusted earned
income for the base taxation year in relation to the month;
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E
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=
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whichever of the following applies, depending on the
number of qualified dependants:
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(a)
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if the person was an eligible individual at the beginning
of that month in respect of only one qualified dependant,
12.1% of the amount, if any, by which the person's
adjusted income for the base taxation year in relation
to the month exceeds $20 921;
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(b)
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if the person was an eligible individual at the beginning
of that month in respect of 2 qualified dependants, 20.2%
of the amount, if any, by which the person's adjusted income
for the base taxation year in relation to the month exceeds $20 921;
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(c)
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if the person was an eligible individual at the beginning of that
month in respect of 3 or more qualified dependants, 26.8%
of the amount, if any, by which the person's adjusted income
for the base taxation year in relation to the month exceeds $20 921.
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(2) If the amount calculated under subsection (1) is less than zero, it is deemed to be nil for the purposes of section 10 (3) (b) of the Act.
[am. B.C. Regs. 166/99, s. 2; 88/2001; 202/2004, s. (b)]
[Provisions of the Income Tax Act, R.S.B.C. 1996, c. 215, relevant to the enactment of this regulation: section 10]
Copyright (c)
2004: Queen's Printer, Victoria, British Columbia, Canada