Tax Credits – Foreign Tax Credit

British Columbia allows a corporation to claim a foreign tax credit for taxes it paid to another country on foreign non-business income.

Please see the Canada Revenue Agency website, Provincial and Territorial Foreign Tax Credits for more information.

Claiming the credit

The credit is claimed when filing your T2 Corporation Income Tax Return. Enter the amount of the British Columbia foreign tax credit you are claiming on line 650 of Schedule 5, Tax Calculation Supplementary - Corporations.

Legislation