Exempt Income Tax Remission Regulation, 1996

Exempt Income Tax Remission Regulation, 1996, M.R. 98/97 The Financial Administration Act , C.C.S.M. c. F55 Regulation 98/97 Registered April 23, 1997 bilingual version (HTML) Definitions 1(1) In this remission order, "Act" means The Income Tax Act (Manitoba); («  Loi ») "excess tax" , in relation to a taxpayer for a taxation year, means the amount determined by the formula: A − B In this formula, A is the total of the amounts paid or payable under section 4 of the Act by the taxpayer for the year, and B is the amount that would be determined for A if the taxpayer's exempt amount for the year were not included in computing the taxpayer's net income for the year; (« excédent d'impôt ») "exempt amount" , in relation to a taxpayer for a taxation year, means the total of the amounts deductible under paragraph 110(1)⁠(f) of the federal Act in computing the taxpayer's taxable income for the year; (« somme exonérée ») "federal Act" means the Income Tax Act (Canada); (« loi fédérale ») 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 for the 1996 taxation year in an amount equal to the taxpayer's excess tax, if any, for the year.