The International Financial Activity (IFA) program provides a refund of provincial income tax paid in respect of income earned in conducting international financial business. An eligible corporation must register itself, and any specialists it employs, under the International Financial Activity Act (IFAA)* to qualify for the program.
2009 Budget Measures
The February 17, 2009 Budget proposes the following amendments to the IFAA.
Relax the 90 day amalgamation notification rule to give the commissioner discretion to accept late notifications where there is an amalgamation between a registered and a non-registered corporation. For more information, please see How to Register.
Expand the list of prescribed patents to include patents relating to wastewater treatment and fuel cell technology.
Clarify the meaning of non-resident person to exclude a business carried on in Canada by that non-resident person.
