Thank you, Mr. Speaker. Mr. Speaker, I move, seconded by the honourable Member for Nahendeh, that Bill 16, An Act to Amend the Income Tax Act, No. 2, be read for the second time. Mr. Speaker, this bill amends the Income Tax Act to establish a Northwest Territories child benefit for which residents will be eligible in addition to the federal child tax benefit. The amount of the NWT Child Benefit will be determined in accordance with the scheme set out in this bill. Under this scheme, every resident family with a net income of $20,921 or less will receive an additional annual benefit of at least $330 per child and every resident family whose net income consists of a working income of $3,750 or more will also receive a working income supplement to be phased in, so that the maximum benefit will be received when working income reaches $10,000. The Northwest Territories child benefit will begin to be phased out when a resident family's net income is more than $20,921. For example, the benefit for a one child family will be reduced at a rate of 3 percent of net income in excess of $20,921 and will reach zero when the family's net income is $41,087. The NWT child benefit will be administered by Revenue Canada and delivered monthly, together with the Federal Child Tax Benefit to the child's primary caregiver. The bill also amends the Income Tax Act to allow the electronic filing of income tax returns. Thank you, Mr. Speaker.
John Todd on Bill 16: An Act To Amend The Income Tax Act, No. 2
In the Legislative Assembly on May 25th, 1998. See this statement in context.
Bill 16: An Act To Amend The Income Tax Act, No. 2
Item 18: Second Reading Of Bills
May 24th, 1998
Page 1388
John Todd Keewatin Central
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