AI-assisted research summary: The order grants remission to eligible taxpayers for certain reassessed Manitoba income taxes tied to farm equipment trade-in allowances, but only if they file an acceptable undertaking and waiver within 90 days after notice.
Farm Equipment Manitoba Income Tax Remission Order, M.R. 114/92 The Financial Administration Act , C.C.S.M. c. F55 Regulation 114/92 Registered June 8, 1992 bilingual version (HTML) Definitions 1 In this order, "Act" means The Income Tax Act (Manitoba); («  Loi ») "federal Act" means the Income Tax Act (Canada); (« loi fédérale ») "taxes" means the Manitoba income taxes payable in accordance with Parts I to I.2 of the federal Act, the relevant refundable investment tax credit and the relevant penalties and interest; (« impôts ») "taxpayer" means a person whose taxes payable under the Act for the year 1984, 1985 or 1986 were reassessed in respect of the effect of trade-in allowances on the cost of farm equipment; (« contribuable ») "trade-in allowance" means, in respect of farm equipment acquired or traded in by a taxpayer, the trade-in allowance agreed on by the taxpayer and the vendor. (« valeur de reprise ») Remission 2 Subject to section 3, remission is hereby granted to each taxpayer of the amount by which the total taxes paid or payable or deemed to have been paid by the taxpayer for a taxation year exceed the total taxes that would be payable, would have been paid or would be deemed to have been paid by the taxpayer for that year if (a) in respect of farm equipment acquired by the taxpayer that was the subject of a reassessment under the federal Act for the 1984, 1985 or 1986 taxation year and for the purpose of which the taxpayer received a trade-in allowance, the cost of the farm equipment acquired by the taxpayer were equal to the aggregate of the trade-in allowance and the value of any other consideration paid by the taxpayer; and (b) in respect of the farm equipment traded in, the proceeds of the disposition of the farm equipment traded in were equal to the trade-in allowance. Condition 3 The remission granted to a taxpayer under section 2 is on condition that within 90 days after the day of mailing to the taxpayer of a notice from the department of National Revenue in respect of this Order or federal Order in Council P.C. 1992-166, approved by the Government of Canada on January 23, 1992, the taxpayer file with the Minister of National Revenue an undertaking and waiver acceptable to the Minister in which the taxpayer (a) agrees to pay Her Majesty from time to time when it would accrue the amount by which (i) the total taxes that would be payable, would have been paid or would be deemed to have been paid by the taxpayer for any taxation year, whether ending before, on or after the day on which this Order or the federal Order in Council P.C. 1992-166 is made, if, in respect of farm equipment acquired by the taxpayer that was the subject of a reassessment under the federal Act or the Act for the 1984, 1985, or 1986 taxation year and for the purchase of which the taxpayer received a trade-in allowance, the cost of the farm equipment acquired by the taxpayer were equal to the aggregate of the trade-in allowance and the value of any other consideration paid by the taxpayer, and in respect of the farm equipment traded in, the proceeds of disposition of the farm equipment traded in were equal to the trade-in allowance exceed (ii) the total taxes paid or payable or deemed to have been paid by the taxpayer for the year; and (b) undertakes to withdraw and forego all relevant current or future objections and appeals and waives all rights of objection and appeal in respect of any relevant assessment or reassessment.