 |
| |
About the New Financial Institution Minimum Tax - Effective April 1, 2010
Effective April 1, 2010, Corporation Capital Tax is phased out and the Corporation Capital Tax Act is renamed the Financial Institution Minimum Tax Act.
The Financial Institution Minimum Tax applies to financial institutions (formerly financial corporations) that have net paid up capital equal to or greater than $1 billion. The minimum tax is 1% of BC paid up capital.
The minimum tax will be creditable against BC corporate income tax for the year as well as any unused BC corporate income tax that can be carried back 3 years and forward 7 years.
The minimum tax will be pro-rated for taxation years that straddle April 1, 2010.
All administrative provisions will be consistent with the Corporation Capital Tax Act, including the provisions relating to the calculation of all paid up capital amounts. See About Corporation Capital Tax for more information.
Legislation and Regulation
Amendments effective April 1, 2010 - FIMTA
Legislation
Bill 2 , Budget Measures Implementation Act, 2008
(Sections 4 - 7, 9, 11 - 17 and attached Schedule)
Regulation - Amendment to Corporation Capital Tax Regulation (B.C. Reg 199/2002)
OIC 389, June 6, 2008
| |
 |
|
|
