BILL NO. 275

(as introduced)

1st Session, 64th General Assembly
Nova Scotia
1 Charles III, 2023

 

Private Member's Bill

 

Income Tax Act
(amended)

 

Elizabeth Smith-McCrossin
Cumberland North

First Reading: March 24, 2023

(Explanatory Note)

Second Reading:

Third Reading:

Explanatory Note

This Bill amends the Income Tax Act to

(a) increase the basic personal amount to $12,510 for the 2024 taxation year; and

(b) index the basic personal amount for the 2025 and subsequent taxation years to the Consumer Price Index for Canada.

An Act to Amend Chapter 217
of the Revised Statutes, 1989,
the Income Tax Act,
Respecting the Basic Personal Amount

Be it enacted by the Governor and Assembly as follows:

1 (1) Subsection 10B(1) of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 6 of the Acts of 2017, is amended by adding ", and until and including December 31, 2023" immediately after "2017" in the third line.

(2) Section 10B of Chapter 217 is further amended by adding immediately after subsection (1) the following subsections:

(1A) For the purpose of computing the tax payable under this Part by an individual for a taxation year after December 31, 2023, there may be deducted a basic personal amount determined by the formula
A × B

where

A is the appropriate percentage for the year; and

B is, subject to subsections (1B) to (1E), $12,510.

(1B) For the 2025 and subsequent taxation years, the basic personal amount specified in the description for B in subsection (1A) shall be adjusted so that the amount to be used for the year for which the amount is relevant is the total of

(a) the amount that would, but for subsection (1D), be the amount to be used for the preceding taxation year; and

(b) the product obtained by multiplying

(i) the amount referred to in clause (a),

by

(ii) the amount, adjusted in such manner as may be prescribed and rounded to the nearest one-thousandth, or, where the result obtained is equidistant from two consecutive one-thousandths, to the higher thereof, that is determined by the formula

(A/B) - 1
where

A is the Consumer Price Index for the 12-month period that ended on September 30 next before that year, and

B is the Consumer Price Index for the 12-month period immediately preceding the period mentioned in the description of A.

(1C) In this Section, the Consumer Price Index for any 12-month period is the result arrived at by

(a) aggregating the Consumer Price Index for Canada, as published by Statistics Canada under the authority of the Statistics Act (Canada), adjusted in such manner as is prescribed, for each month in that period;

(b) dividing the aggregate obtained under clause (a) by 12; and

(c) rounding the result obtained under clause (b) to the nearest one-thousandth or, where the result obtained is equidistant from two consecutive one-thousandths, to the higher thereof.

(1D) Where an amount referred to in this Section, when adjusted as provided in this Section, is not a multiple of one dollar, it shall be rounded to the nearest multiple of one dollar or, where it is equidistant from two such consecutive multiples, to the higher thereof.

(1E) The money required for the purpose of this Section must be paid out of money appropriated for that purpose by the Legislature.

 

---

This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2023 Crown in right of Nova Scotia. Created March 24, 2023. Send comments to legc.office@novascotia.ca.