This order grants certain taxpayers remission of income tax and penalties tied to insured deposits, but only subject to section 4 and only up to specified conditions.
Order Respecting the Remission of Income Tax and Penalties Payable by Standard Trust Depositors His Excellency the Governor General in Council, considering that it is in the public interest to do so, on the recommendation of the Minister of National Revenue, the President of the Treasury Board and Minister of State (Finance) and the Treasury Board, pursuant to section 23 of the Financial Administration Act, is pleased hereby to make the annexed Order respecting the remission of income tax and penalties payable by Standard Trust depositors. This Order may be cited as the Standard Trust Depositors Remission Order. In this Order, trust company means Standard Trust Company or Standard Loan Company. (société de fiducie) Subject to section 4, remission is hereby granted, to a taxpayer who is dependent on the payment, by the trust company, of the taxpayer’s deposit insured by deposit insurance under the Canada Deposit Insurance Corporation Act for the payment of that taxpayer’s income tax, of income tax in an amount equal to the amount of interest that is payable thereon by the taxpayer under the Income Tax Act and that has accrued from April 18, 1991 to the day of payment of the amount of deposit insured by deposit insurance under the Canada Deposit Insurance Corporation Act; and of an amount equal to the penalties payable by the taxpayer, that have accrued from April 18, 1991 to the day of payment of the amount of deposit insured by deposit insurance under the Canada Deposit Insurance Corporation Act, for failure to remit any amounts required to be remitted under the Income Tax Act, Part I of the Canada Pension Plan and Part III of the Unemployment Insurance Act. The remission referred to in section 3 is granted in respect of income tax and remittances, the payment of which by the taxpayer is dependent on the taxpayer’s accessibility to the aggregate deposits made by the taxpayer with the trust company that do not exceed $60,000. The remission referred to in paragraph 3(b) is granted on condition that the taxpayer remits to the Receiver General the amounts required to be remitted under the Income Tax Act, Part I of the Canada Pension Plan and Part III of the Unemployment Insurance Act when the amount of deposit insured becomes available.