Order Respecting the Remission of Income Tax in Respect of Canadian Exploration Expense Incurred by Taxpayers that Are Not Principal-Business Corporations
P.C. 1979-1100 1979-03-29
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance and the Treasury Board, pursuant to section 17 of the Financial Administration Act, is pleased hereby to make the annexed Order respecting the remission of income tax in respect of Canadian exploration expense incurred by taxpayers that are not principal-business corporations.
2 In this Order,
Act means the Income Tax Act; (Loi)
- taxation year
taxation year means any taxation year ending after May 25, 1976. (année d’imposition)
3 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
(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 read 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”.
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