Personal Income Tax Indexation Regulations
made under subsection 80(1) of the
Income Tax Act
R.S.N.S. 1989, c. 217
O.I.C. 2024-326 (effective August 22, 2024), N.S. Reg. 184/2024
Table of Contents
Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.
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Citation
Definition
Consumer price index amount
Citation
1 These regulations may be cited as the Personal Income Tax Indexation Regulations.
Definition
2 In these regulations, “Act” means the Income Tax Act.
Consumer price index amount
3 (1) For the purposes of clause 22A(2)(b) of the Act, the consumer price index amount
is 1 of the following:
(a) if approved by the Governor in Council, the amount determined by the
following formula:
A ÷ B - 1
in which
A= the consumer price index for the 12-month period ending August 31
before the taxation year
B = the consumer price index for the 12-month period preceding the
period described in “A”;
(b) an amount determined by the Governor in Council.
(2) If the formula in clause (1)(a) results in a negative number, the result is deemed to
be nil.
(3) The consumer price index for any 12-month period is determined by calculating
the sum of the all-items consumer price indices, not seasonally adjusted, for each
month in the period, dividing the sum by 12, and rounding the result to the nearest
one-thousandth, or if equidistant, rounding to the higher one-thousandth.
The following regulations are not
yet in force and are not included in the current consolidation: