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| B.C. Reg. 231/98 O.C. 799/98 |
Deposited June 30, 1998 effective July 1, 1998 |
| This archived regulation consolidation is current to April 1, 2005 and includes changes enacted and in force by that date. For the most current information, click here. |
Income Tax Act
[includes amendments up to B.C. Reg. 202/2004]
| Contents | ||
| 1 | Definition | |
| 2 | BC Basic Family Bonus | |
| 3 | BC Earned Income Benefit | |
1 In this regulation, "Act" means the Income Tax Act.
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) by calculating the amount determined by the formula
| [$111 x N] | – | | P | |
| 12 |
where
N = the number of qualified dependants in respect of whom the person was an eligible individual at the beginning of the applicable month;
P = whichever of the following applies, depending on the number of qualified dependants:
(i) 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;
(ii) 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) by calculating the amount determined by the formula
| [C – G] |
|
|
| 12 |
where
C = whichever of the following applies, depending on the number of qualified dependants:
(i) if the person was an eligible individual at the beginning of that month in respect of only one qualified dependant, $1 361;
(ii) if the person was an eligible individual at the beginning of that month in respect of more than one qualified dependant, the total of
(A) $1 361 for the first qualified dependant,
(B) $1 160 for the second qualified dependant, and
(C) $1 085 for each of the third and subsequent qualified dependants, if any;
G = whichever of the following applies, depending on the number of qualified dependants:
(i) 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;
(ii) 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;
(iii) 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) by subtracting from the amount calculated in accordance with paragraph (a)
(i) the amount calculated in accordance with paragraph (b), or
(ii) nil, if the amount calculated in accordance with paragraph (b) is less than zero.
(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).]
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 x [(D – $3750) ÷ $6250]} – E) ÷ 12
where
B = whichever of the following applies, depending on the number of qualified dependants:
(a) if the person was an eligible individual at the beginning of that month in respect of only one qualified dependant, $576;
(b) if the person was an eligible individual at the beginning of that month in respect of more than one qualified dependant, the total of
(i) $576 for the first qualified dependant,
(ii) $434 for the second qualified dependant, and
(iii) $330 for each of the third and subsequent dependants, if any;
D = the lesser of $10 000 and the person's adjusted earned income for the base taxation year in relation to the month;
E = whichever of the following applies, depending on the number of qualified dependants:
(a) 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;
(b) 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;
(c) 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.
(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]
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