AI-assisted research summary: This Order gives a remission amount to eligible taxpayers, equal to the excess of tax payable over the tax that would be payable under a modified calculation.
c t FINANCIAL ADMINISTRATION ACT PROVINCE OF PRINCE EDWARD ISLAND CANADIAN EXPLORATION EXPENSE REMISSION ORDER PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this regulation, current to February 1, 2004. It is intended for information and reference purposes only. This document is not the official version of these regulations. The regulations and the amendments printed in the Royal Gazette should be consulted on the Prince Edward Island Government web site to determine the authoritative text of these regulations. For more information concerning the history of these regulations, please see the Table of Regulations on the Prince Edward Island Government web site (www.princeedwardisland.ca). If you find any errors or omissions in this consolidation, please contact: Legislative Counsel Office Tel: (902) 368-4292 Email: legislation@gov.pe.ca Financial Administration Act Province of Prince Edward Island Canadian Exploration Expense Remission Order Section 1 c FINANCIAL ADMINISTRATION ACT Chapter F-9 PROVINCE OF PRINCE EDWARD ISLAND CANADIAN EXPLORATION EXPENSE REMISSION ORDER Made by the Lieutenant Governor in Council under the Treasury Act R.S.P.E.I. 1974, Cap. T-7 and having effect pursuant to clause 33(1)(e) of the Interpretation Act R.S.P.E.I. 1988, Cap. I-8 as if made under section 26 of the Financial Administration Act R.S.P.E.I. 1988, Cap. F-9 1. Short title This Order may be cited as the Canadian Exploration Expense Remission Order. (EC407/79) 2. Interpretation In this Order, (a) “Act” means the Income Tax Act (Canada), (b) “taxation year” means any taxation year ending after May 25, 1976. (EC407/79) 3. Remission Remission is hereby granted to any taxpayer who was liable for tax under Part I of the Act in a taxation year of an amount that is equal to the amount, if any, by which (a) the amount of tax payable under the Act for the year exceeds (b) the amount of tax that would be payable under the Act for the year if, in its application to that taxation year, subparagraph 66.1 (3)(a)(i) of the Act reads as follows: “(i) the amount by which his Canadian exploration expense incurred after May 25, 1976 and before 1980 exceeds the aggregate of all amounts claimed by virtue of this paragraph in a previous taxation year, and”. (EC407/79) c t Updated February 1, 2004 Page 3