Canadian Exploration Expense Remission Order

The Canadian Exploration Expense Remission Order

This Order provides for the remission of income tax to taxpayers that are not principal-business corporations. It allows for the reduction of taxes owed by taxpayers who have incurred Canadian exploration expenses after May 25, 1976, and before 1980. The remission is granted if the amount of tax payable exceeds the amount that would be payable if a specific provision in the Income Tax Act (subparagraph 66.1(3)(a)(i)) were applied differently. This Order aims to support exploration activities by offering relief from income taxes for taxpayers who are not primarily engaged in business operations.