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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 IncomePrescribed Percentage
FromTo
$ 0$50,00025.00%
50,00151,00023.50%
51,00152,00022.00%
51,00152,00022.00%
52,00153,00020.50%
53,00154,00019.00%
54,00155,00017.50%
55,00156,00016.00%
56,00157,00014.50%
57,00158,00013.00%
58,00159,00011.50%
59,00160,00010.00%
60,00161,0008.50%
61,00162,0007.00%
62,00163,0005.50%
63,00164,0004.00%
64,00165,0002.50%

Schedule "A" added: O.I.C. 94-794, N.S. Reg. 186/94.


Schedule "B"

Qualifying Adjusted IncomePrescribed Percentage
FromTo
$ 0$29,50025.00%
29,50130,00023.50%
30,00130,50022.00%
30,50131,00020.50%
31,00131,50019.00%
31,50132,00017.50%
32,00132,50016.00%
32,50133,00014.50%
33,00133,50013.00%
33,50134,00011.50%
34,00134,50010.00%
34,50135,0008.50%
35,00135,5007.00%
35,50136,0005.50%
36,00136,5004.00%
36,50137,0002.50%

Schedule "B" added: O.I.C. 94-794, N.S. Reg. 186/94.