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Northwest Territories dividend tax credit #454
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- bump: minor | ||
changes: | ||
added: | ||
- Northwest Territories dividend tax credit. |
13 changes: 13 additions & 0 deletions
13
.../parameters/gov/provinces/nt/tax/income/credits/dividend_tax_credit/noneligible_rate.yaml
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description: Northwest Territories phases the dividend tax credit for non-eligible dividens at this rate. | ||
values: | ||
2021-01-01: 0.06 | ||
metadata: | ||
unit: currency-CAD | ||
label: Northwest Territories non-eligible dividend tax credit rate | ||
reference: | ||
- title: Income Tax Act - Section 2.32 Deduction for taxable dividends | ||
href: https://www.justice.gov.nt.ca/en/files/legislation/income-tax/income-tax.a.pdf#page=40 | ||
- title: 2022 Northwest Territories dividend tax credit (Line 61520) | ||
href: https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/5012-d/5012-d-22e.pdf#page=3 | ||
- title: Dividend Tax Credit for 2011-2023 | ||
href: https://www.fin.gov.nt.ca/sites/fin/files/resources/nwt_personal_income_tax_credits_english.pdf#page=2 |
13 changes: 13 additions & 0 deletions
13
...nada/parameters/gov/provinces/nt/tax/income/credits/dividend_tax_credit/taxable_rate.yaml
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description: Northwest Territories phases the taxable dividend amount for eligible dividens at this rate. | ||
values: | ||
2021-01-01: 0.115 | ||
metadata: | ||
unit: currency-CAD | ||
label: Northwest Territories taxable dividend amount rate | ||
reference: | ||
- title: Income Tax Act - Section 2.32 Deduction for taxable dividends | ||
href: https://www.justice.gov.nt.ca/en/files/legislation/income-tax/income-tax.a.pdf#page=40 | ||
- title: 2022 Northwest Territories dividend tax credit (Line 61520) | ||
href: https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/5012-d/5012-d-22e.pdf#page=3 | ||
- title: Dividend Tax Credit for 2011-2023 | ||
href: https://www.fin.gov.nt.ca/sites/fin/files/resources/nwt_personal_income_tax_credits_english.pdf#page=2 |
8 changes: 8 additions & 0 deletions
8
policyengine_canada/tests/gov/provinces/nt/tax/income/nt_dividend_tax_credit.yaml
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- name: Calculation 2022 # (39,000 * 0.06) + ((39,800 - 39,000) * 0.115) = 2,432 | ||
period: 2022 | ||
input: | ||
province_code: NT | ||
taxable_dividend_income: 39_800 | ||
taxable_other_than_dividend_income: 39_000 | ||
output: | ||
nt_dividend_tax_credit: 2_432 |
30 changes: 30 additions & 0 deletions
30
...riables/gov/provinces/nt/tax/income/credits/dividend_tax_credit/nt_dividend_tax_credit.py
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from policyengine_canada.model_api import * | ||
|
||
|
||
class nt_dividend_tax_credit(Variable): | ||
value_type = float | ||
entity = Person | ||
label = "Northwest Territories dividend tax credit" | ||
unit = CAD | ||
definition_period = YEAR | ||
defined_for = ProvinceCode.NT | ||
reference = "https://www.justice.gov.nt.ca/en/files/legislation/income-tax/income-tax.a.pdf#page=40" | ||
|
||
def formula(person, period, parameters): | ||
p = parameters( | ||
period | ||
).gov.provinces.nt.tax.income.credits.dividend_tax_credit | ||
income = person("nt_taxable_income", period) | ||
taxable_dividend_income = person.household( | ||
"taxable_dividend_income", period | ||
) | ||
taxable_other_than_dividend_income = person.household( | ||
"taxable_other_than_dividend_income", period | ||
) | ||
non_eligible_dividends = ( | ||
taxable_other_than_dividend_income * p.noneligible_rate | ||
) | ||
eligible_credit = ( | ||
taxable_dividend_income - taxable_other_than_dividend_income | ||
) * p.taxable_rate | ||
return non_eligible_dividends + eligible_credit |
9 changes: 9 additions & 0 deletions
9
policyengine_canada/variables/household/income/taxable_dividend_income.py
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from policyengine_canada.model_api import * | ||
|
||
|
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class taxable_dividend_income(Variable): | ||
value_type = float | ||
entity = Household | ||
label = "dividend income" | ||
unit = CAD | ||
definition_period = YEAR |
9 changes: 9 additions & 0 deletions
9
policyengine_canada/variables/household/income/taxable_other_than_dividend_income.py
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from policyengine_canada.model_api import * | ||
|
||
|
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class taxable_other_than_dividend_income(Variable): | ||
value_type = float | ||
entity = Household | ||
label = "other than dividend income" | ||
unit = CAD | ||
definition_period = YEAR |
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Is this all taxable income except dividends? If so I'd just do that subtraction in the formula