Manitoba additional deduction for credit unions

Note 

The Manitoba additional deduction for credit unions will be 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 will be prorated for all tax years during the phase-out period that do not coincide with the calendar year.

The 1% profits tax applicable to Manitoba credit unions and caisses populaires is eliminated effective January 1, 2019.

The Manitoba additional deduction for credit unions allows credit unions an additional reduction from income tax otherwise payable. It is designed to reduce their overall income tax rate to the same net rate paid by small business corporations that claim the Manitoba small business deduction.

To be eligible to claim the additional deduction, the credit union must meet all of the following conditions:

Claiming the deduction

File Schedule 17, Credit Union Deductions, with your return.

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