Retirement Income (Universal Bodily Injury Compensation) Regulation

Retirement Income (Universal Bodily Injury Compensation) Regulation, M.R. 34/2003 The Manitoba Public Insurance Corporation Act , C.C.S.M. c. P215 Regulation 34/2003 Registered February 18, 2003 bilingual version (HTML) Definitions 1 In this regulation, "Act" means The Manitoba Public Insurance Corporation Act ; («  Loi  ») "net income" means the net income calculated in accordance with section 112 of the Act on the last day prescribed by section 165 of the Act before the calculation of the claimant's retirement income benefit, and before the application of any reduction under sections 115 or 116 of the Act; (« revenu net ») "other pension income" is the annual total of (a) any pension or supplement under the Old Age Security Act (Canada) or a similar payment made under an enactment of any other jurisdiction, (b) any benefit under the Canada Pension Plan , the Quebec Pension Plan or any similar benefit payable under an enactment of any other jurisdiction, except for any payment resulting from the death of the claimant's spouse or common-law partner, and (c) the amount by which the total of (i) all pension income — as defined by subsection 118(7) of the Income Tax Act (Canada) determined without reference to any election under section 60.03 of that Act — that is received or receivable by the claimant, and (ii) all payments out of or under a registered retirement savings plan, other than a payment included in subparagraph (a)⁠(ii) of the definition "pension income" in subsection 118(7) of the Income Tax Act (Canada), that are received or receivable by the claimant and included in the claimant's income for the purpose of that Act, exceeds (iii) the income tax that would be payable by the claimant on the amounts referred to in subclauses (i) and (ii) if (A) no election were made under section 60.03 of the Income Tax Act (Canada), and (B) the tax payable were determined in accordance with subsection 10(3) of the Determination of Income and Employment (Universal Bodily Injury Compensation) Regulation , Manitoba Regulation 39/94, as if the amounts were taxable income for the purpose of that subsection; (« autre revenu de pension ») "retirement income benefit" means a retirement income as defined in section 103(2) of the Act. (« prestation de revenu de retraite ») M.R. 72/2013 Method of calculating retirement income benefit 2 A claimant's retirement income benefit shall be calculated on the basis of 70% of the claimant's net income, less (a) any other pension income; and (b) any disability benefit paid or payable to the claimant under the Canada Pension Plan or any similar enactment in any other jurisdiction. Annual adjustment 3 A retirement income benefit shall be adjusted annually as provided for in section 165 of the Act. Coming into force 4 This regulation comes into force March 1, 2003.