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Manufacturing and Processing Tax Credit Frequently Asked Questions
Questions:
What is the M&P tax credit? |
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The M&P tax credit is a 3% non-refundable investment tax credit for purchases after March 31, 2000 and before July 31, 2001 of qualified
B.C. property to be used primarily for manufacturing and processing.
Corporations may no longer file a claim for the British Columbia M&P tax credit. Any unused credits may be carried forward for up to ten years after the tax year in which they were earned. |
When was the last date to file under the program? |
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The last date to file was 18 months after the end of the tax year in which the property was purchased. You may be eligible to use the credit under the carry-forward rules by completing Schedule 426. |
Can the credit be carried forward? |
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Yes, any unused credits may be carried forward for up to ten years after the tax year in which they were earned. |
What form do I use for claiming the carry forward? |
Who administers the M&P tax credit? |
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The Canada Revenue Agency (CRA) administers the program on behalf of the province. Please contact the CRA at 604-669-8367 or 1-800-663-1511 for more information or any questions about the M&P tax credit. |
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