What's New
Income Taxes Section - 2006
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]
Dec 21, 2006:
- Bulletin FRAP 001, Forest Revenue Audit Program Overview is new.
- Forest Revenue Audit Program Regulations. These regulations clarify what records must be maintained for the Forest Revenue Audit Program and who must maintain them.
Oct 25, 2006:
Insurance Premium Tax
Bulletin IPT 008, Marine Insurance Exemption is new. This bulletin clarifies the meaning of marine insurance and provides information about which premiums are eligible for the marine insurance exemption.
Oct 11, 2006:
The Ministry of Finance announced the government will be introducing legislation to implement the Enhanced Dividend Tax Credit starting in 2006. See the Bulletin and Backgrounder for further details.
Oct 6, 2006:
Bulletin IPT 007, Property Insurance is new. It provides information for taxable insurers on how the Insurance Premium Tax Act applies to premiums received or receivable under contracts of property insurance.
Oct 3, 2006:
International Financial Activity Act
The IFA return (FIN 578) required for registered corporations claiming a tax refund has been updated. Schedule A - Options A and B (FIN 578A and FIN 578B) have been updated for recent legislative amendments.
The IFA return (FIN 546) including IFA form Schedule A - Options A and B (FIN 546A and FIN 546B) required for a registered corporation claiming a tax refund from activities relating to the commercialization of intellectual property in the form of life science related patents under the International Financial Activity Act is now available.
The guide (FIN 546/578G) to completing either IFA return has been updated.
The guide, IFA returns, and supporting schedules are now available on the IFA forms page.
Sept 20, 2006:
International Financial Activity Act
The Consultation Paper on currency hedging and the definition of international financial business in regards to the International Financial Activity Act is available for review. This paper is intended to promote comments and suggestions from interested parties.
Sept 15, 2006:
Interest rates in effect from October to December 2006 have been announced. These rates are set quarterly. The interest rate charged on outstanding balances and late payments will be 9.00%.
The interest rate we pay on overpayments will be 4.00%.
Aug 3, 2006:
Insurance Premium Tax
Bulletin IPT 006, Waiver of Assessment Period, is new. This bulletin provides information on the assessment period for Insurance Premium Tax returns and how a taxpayer can extend this period by filing a waiver.
Insurance Premium Tax forms FIN 27, Waiver of Assessment Period, and FIN 525, Notice of Revocation of Waiver, have been revised.
July 25, 2006:
International Financial Activity - Immigration Services
The regulation to prescribe international financial activities is amended retroactive to September 1, 2004.
The amendment expands international financial activities to include providing services to a non-resident person in respect of obtaining an investor visa to immigrate to the United Kingdom.
Details on international financial activities can be found in Bulletin IFA 001, International Financial Activity Act Overview.
May 30, 2006:
Regional Film Tax Credits - Effective February 22, 2006, the definition of the designated Vancouver area is changed for purposes of determining the regional tax credits for both the Film and Television Tax Credit and the Production Services Tax Credit. See the revised regulations.
May 12, 2006:
International Financial Activity Act - Frequently Asked Questions on the International Financial Activity Act are now available.
April 3, 2006:
International Financial Activity Act - Patent Regulation
Effective January 1, 2006, the International Financial Activity program was expanded to include refunds of provincial corporate income taxes on income derived from certain life science patents.
The regulation to prescribe international financial activities is amended effective January 1, 2006. The amendment provides a list of eligible life science patents. Details on life science patents can be found in Bulletin IFA 002, Life Science Patents.
March 30, 2006:
International Financial Activity Act
The form and guide for an IFA specialist to file a return under the International Financial Activity Act are now available on the IFA forms page.
March 20, 2006:
Interest rates in effect from April to June 2006 have been announced. These rates are set quarterly. The interest rate charged on outstanding balances and late payments will be 8.50%. The interest rate we pay on overpayments will be 3.50%.
March 13, 2006:
Insurance Premium Tax - Forms FIN 27, Waiver of Assessment Period, and FIN 525, Notice of Revocation of Waiver, are new.
March 08, 2006:
Effective March 30, 2006, the Forest Act was amended and a Forest Revenue Audit Program (FRAP) created.
February 21, 2006:
The provincial government announced its 2006 Budget on February 21, 2006. Statutes administered by the Ministry of Small Business and Revenue are amended as a result.
- Budget Information
- Budget Bulletin 2006
January 20, 2006:
Enhanced Film Tax Credits Extended
Finance Minister Carole Taylor announced the government will be introducing legislation to maintain the Production Services Tax Credit at 18 per cent through 2008. See the News Release for further details.
Finance Minister Carol Taylor also announced the government will be introducing legislation to maintain the Film and Television Tax Credit at 30 per cent through 2008. See the News Release for further details.
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