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Nova Scotia — Regulations
This consolidation is unofficial and is for reference only.
For the official version of the regulations, consult the original documents on file with the Registry of Regulations , or refer to the Royal Gazette
Part II .
Regulations are amended frequently.
Please check the list of Regulations by Act to see if there are any recent amendments to these regulations filed with the Registry that are not yet included in this consolidation.
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Home Ownership Savings Plan Tax Credit Regulations
made under
Section 80 of the
Income Tax Act
R.S.N.S. 1989, c. 217
O.I.C. 90-445 (April 10, 1990), N.S. Reg. 117/90
as amended by O.I.C. 94-794 (October 5, 1994), N.S. Reg. 186/94
1 These regulations may be cited as the Home Ownership Savings Plan Tax Credit Regulations.
2 For the purposes of clause 12(3)(b) [36(3)(b)] of the Act, where
(
a) the individual was married at the end of the taxation year and resided with their spouse on December 31 in the taxation year;
(
b) the income of a supporting person is required to be included in the individual's qualifying adjusted income for the taxation year pursuant to subclause 12(3)(a)(ii) [36(3)(a)(ii)] of the Act; or
(
c) the individual deducted or is entitled to deduct an amount pursuant to paragraph 118(1)(
b) of the Income Tax Act (Canada) in computing tax payable pursuant to
Part I of that Act for the taxation year,
the prescribed percentage shall be determined pursuant to
Schedule "A" to these regulations and, in any other case, pursuant to
Schedule "B" to these regulations.
Section 2 replaced: O.I.C. 94-794, N.S. Reg. 186/94.
Schedule "A"
Qualifying Adjusted Income
Prescribed Percentage
From
$ 0
$50,000
25.00%
50,001
51,000
23.50%
51,001
52,000
22.00%
51,001
52,000
22.00%
52,001
53,000
20.50%
53,001
54,000
19.00%
54,001
55,000
17.50%
55,001
56,000
16.00%
56,001
57,000
14.50%
57,001
58,000
13.00%
58,001
59,000
11.50%
59,001
60,000
10.00%
60,001
61,000
8.50%
61,001
62,000
7.00%
62,001
63,000
5.50%
63,001
64,000
4.00%
64,001
65,000
2.50%
Schedule "A" added: O.I.C. 94-794, N.S. Reg. 186/94.
Schedule "B"
Qualifying Adjusted Income
Prescribed Percentage
From
$ 0
$29,500
25.00%
29,501
30,000
23.50%
30,001
30,500
22.00%
30,501
31,000
20.50%
31,001
31,500
19.00%
31,501
32,000
17.50%
32,001
32,500
16.00%
32,501
33,000
14.50%
33,001
33,500
13.00%
33,501
34,000
11.50%
34,001
34,500
10.00%
34,501
35,000
8.50%
35,001
35,500
7.00%
35,501
36,000
5.50%
36,001
36,500
4.00%
36,501
37,000
2.50%