Manitoba additional deduction for credit unions
Note
The Manitoba additional deduction for credit unions was phased out over five years, starting in January 1, 2019, as follows:
- 80% for 2019
- 60% for 2020
- 40% for 2021
- 20% for 2022
- 0% after 2022
The amount was prorated for all tax years during the phase-out period that did not coincide with the calendar year.
The 1% profits tax applicable to Manitoba credit unions and caisses populaires on income over $400,000 ended effective January 1, 2019.
The Manitoba additional deduction for credit unions allowed credit unions an additional reduction from income tax otherwise payable. It was designed to reduce their overall income tax rate to the same net rate paid by small business corporations that claimed the Manitoba small business deduction.
To be eligible to claim the additional deduction, the credit union had to meet all of the following conditions:
- have been a credit union throughout the tax year
- have had a permanent establishment in Manitoba at any time in the tax year
- have Manitoba taxable income in the year
Claiming the deduction
File Schedule 17, Credit Union Deductions, with your return.
Forms and publications
Government partners
- Manitoba Finance – Corporation Tax Credits
- Manitoba (provincial site)
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