Exempt Income Tax Remission Order, 1993

Exempt Income Tax Remission Order, 1993, M.R. 16/94 The Financial Administration Act , C.C.S.M. c. F55 Regulation 16/94 Registered January 21, 1994 bilingual version (HTML) Definitions 1(1) For the purposes of this remission order, "Act" means The Income Tax Act (Manitoba); (« Loi ») "exempt amount" means an amount exempt from federal income tax under paragraph 110(1)⁠(f) of the federal Act; (« somme exonérée ») "federal Act" means the Income Tax Act (Canada); (« loi fédérale ») "taxpayer" means a person who has received and reported on a return of income, filed for federal and Manitoba income tax purposes, an exempt amount on which tax has been paid or assessed. (« contribuable ») 1(2) Words and terms not defined in subsection (1) have the same meaning as they have in the Act. Remission granted 2 Remission is granted to a taxpayer who has received and reported an exempt amount that was subject to tax under section 4 of the Act in an amount equal to the excess tax calculated under section 3. Calculation of excess tax 3(1) For the purposes of section 2 and the calculation of the excess tax, where an exempt amount was included under section 4 of the Act in computing a taxpayer's net income and a deduction for that amount was allowed under paragraph 110(1)⁠(f) of the federal Act in computing the taxpayer's taxable income, the following rules apply: (a) determine the tax payable under section 4 of the Act, including the exempt amount in net income; (b) determine the tax that would otherwise be payable under section 4 of the Act, excluding the exempt amount from net income; and (c) subtract the amount determined under clause (b) from the amount determined under clause (a). 3(2) The amount determined under clause (1)⁠(c), if greater than nil, is the excess tax. Application 4 Sections 2 and 3 apply to the 1993 taxation year.