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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. 186/941 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 To $ 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 To $ 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%
Schedule "B" added: O.I.C. 94-794, N.S. Reg. 186/94.