BILL NO. 64
1st Session, 62nd General Assembly
63 Elizabeth II, 2014
Financial Measures (2014) Act
The Honourable Diana C. Whalen
Minister of Finance and Treasury Board
First Reading: April 23, 2014
Second Reading: April 24, 2014
Third Reading: May 1, 2014 (LINK TO BILL AS PASSED)
Clause 1 sets out the short title of the Act.
Clause 2 repeals a provision in the Financial Measures (2012) Act that requires the Minister of Finance to take the necessary steps to lower the provincial portion of the harmonized sales tax from 10% to 9% on July 1, 2014, and from 9% to 8% on July 1, 2015, or on an earlier date in those years if so directed by the Executive Council.
Clause 3 amends the Income Tax Act to eliminate the Post-Secondary Graduate Retention Rebate as of December 31, 2013, and reducing the maximum lifetime deductions to reflect the fact that the credit was only in effect for five years.
1 This Act may be cited as the Financial Measures (2014) Act.
2 Section 3 of Chapter 4 of the Acts of 2012, the Financial Measures (2012) Act, is repealed.
3 (1) Subsection 36A(2) of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 5 of the Acts of 2009, is amended by
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