Remission Regulation No. 3 (Commonwealth of Learning Agency)

B.C. Reg. 48/95
O.C. 114/95

Deposited February 6, 1995

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Financial Administration Act

Remission Regulation No. 3
(Commonwealth of Learning Agency)

Remission authorized

1 Remission is authorized of tax payable under the Income Tax Act on income earned by any person from employment with the Commonwealth of Learning Agency to the extent, if any, that the proportion of the levy as determined under section 126 (3) of the Income Tax Act (Canada) exceeds the deduction allowable under that same provision.

Tax payable

2 For the purposes of section 1, the tax payable is the percentage under section 4 (5) of the Income Tax Act for the taxation year multiplied by the proportion of the amount determined under section 126 (7) (d) (i) of the Income Tax Act (Canada) that

(a) the amount determined under section 126 (3) (a) of the Income Tax Act (Canada) is of

(b) the amount determined under section 126 (3) (b) of the Income Tax Act (Canada).

[Provisions of the Financial Administration Act, R.S.B.C. 1996, c. 138, relevant to the enactment of this regulation: section 19]