What's New
Income Taxes Section - 2005

Each time we change the information on our website, we record that change on this page. This lets you see at a glance what changes have been made.

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Select a month:

[Dec] [Nov] [Oct] [Sept] [Aug] [July] [June] [May] [April] [Mar] [Feb] [Jan]

December 19, 2005:

Personal Income Tax - 2006 Indexed Amounts

The 2006 personal income tax rates have been announced.

December 15, 2005:

Interest rates in effect from January to March 2006 have been announced. These rates are set quarterly. The interest rate charged on outstanding balances and late payments will be 8.00%. The interest rate we pay on overpayments will be 3.00%.

November 3, 2005:

Bulletin CIT 007, British Columbia Scientific Research and Experimental Development Tax Credit, has been revised to reflect the extended expiration date of the tax credit program.

September 16, 2005:

Interest rates in effect from October to December 2005 have been announced. These rates are set quarterly. The interest rate charged on outstanding balances and late payments will be 7.50%. The interest rate we pay on overpayments will be 2.50%.

September 14, 2005:

Budget Update

Income Tax Act: Reduction to the General Corporate Income Tax Rate.

Effective July 1, 2005, the general corporate income tax rate will be reduced from 13.5% to 12.0%. For additional information on corporate income tax rates, see Corporate Income Tax Rates.

International Financial Activity Act: Addition of Life Science Patents.

Effective January 1, 2006, the International Financial Activity (IFA) program is expanded to include refunds of provincial corporate income taxes on income derived from certain patents. Please see Bulletin IFA 002, Life Science Patents for more information. For additional information on the IFA program, see International Financial Activity.

July 5, 2005:

The following Logging Tax forms are updated and can now be completed online:

• FIN 192 - Waiver of Assessment Period
• FIN 194 - Notice of Revocation of Waiver
• FIN 571 - Authorization form

 

June 16, 2005:

Mining Exploration Tax Credit Program

Bulletin CIT 005, Guidelines for Determining Qualified Mining Exploration Expenses, has been updated to reflect the new expiration date of the Mining Exploration Tax Credit program. The update also includes a change in the eligibility of partnership expenses.

Bulletin CIT 006, Mining Exploration Tax Credit, has been updated to reflect the new expiration date of the program.

June 16, 2005:

The interest rates for July - September 2005 have been announced and remain unchanged. These rates are set quarterly. The interest rate charged on outstanding balances and late payments will be 7.25%. The interest rate we pay on overpayments will be 2.25%.

April 19, 2005:

Digital Animation or Visual Effects Tax Credit

Bulletin CIT 011, British Columbia Digital Animation or Visual Effects Tax Credit (April 2005) has been revised to provide more detailed guidance with respect to the legislation.

April 8, 2005:

The Guide to Filling Out the Tax Return of a Corporation (FIN 578G) under the International Financial Activity Act is now available on the IFA forms page.

April 4, 2005:

Bulletin IPT 003, Insurance Premium Tax Act Amendments (February 2005) has been amended to include information introduced in Budget 2005.

Bulletin CCT 013, Corporation Capital Tax Act Amendments has been amended to include information introduced in Budget 2005.

March 29, 2005:

Bill 7 Receives Royal Assent

Bill 7, Income Tax Amendment Act, 2005, received royal assent on March 3, 2005.

Please see the following bulletins for details:

• CIT 002-SR, British Columbia Business Limit, (this bulletin no longer available)
• CIT 009-SR1, British Columbia Film and Television Tax Credit
• CIT 010-SR1, British Columbia Production Services Tax Credit

March 16, 2005:

The interest rates for April - June 2005 have been announced and remain unchanged. These rates are calculated quarterly. The interest rate charged on outstanding balances and late payments will be 7.25%. The interest rate we pay on overpayments will be 2.25%.

February 17, 2005:

International Financial Activity Act, Returns for IFA Refund

The forms required for a registered corporation to file a return under the International Financial Activity Act are now available on the IFA forms page.

January 1, 2005:

Interest rates in effect from January 1, 2005 to March 31, 2005 have been announced. These rates are calculated quarterly. The interest rate charged on outstanding balances and late payments will be 7.25%. The interest rate we pay on overpayments will be 2.25%.

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