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What's New
Income Tax Section - 2008
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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.
You will need Acrobat Reader installed on your computer to view some of these files, which are in PDF. Acrobat Reader is available as a free download for use on your personal or office computer.
Select a month:
[Dec] [Nov] [Oct] [Sep] [Aug] [Jul] [Jun] [May] [Apr] [Mar] [Feb] [Jan]
December 23, 2008
The Province intends to change the Film and Television (also known as Film Incentive BC) tax credit. The change will expand eligibility to allow all Canadian-controlled corporations to qualify, rather than just British Columbia-controlled corporations. The proposed change is intended to be made effective for productions with principal photography beginning after Dec. 31, 2008. For more information, please see the following news release, or the Film and Television Tax Credit website.
December 5, 2008
The Province intends to introduce legislation which, subject to the approval of the legislature, will extend the Mining Flow-Through Share Tax Credit to the end of 2009, retroactive to January 1, 2009. For more information, please see the following News Release or the Mining Flow-Through Share Tax Credit website.
December 1, 2008
The prescribed Mountain Pine Beetle affected area for the Mining Exploration Tax Credit has been expanded effective December 1, 2008. Please see the Regulation and the map for more information.
November 20, 2008
For the 2009 tax year:
The BC CPI for the period ending September 30, 2008 as published has been used to calculate
- the 2009 Personal Income Tax Brackets,
- the 2009 Non-refundable Tax Credit Blocks
October 30, 2008
Bulletin IPT 001, Insurance Premium Tax for Taxable Insurers, has been rewritten using plain language and a new format so that the information is easier to read.
Bulletin IPT 002, Insurance Purchased from an Unlicensed Insurer, has been rewritten using plain language and a new format so that the information is easier to read. It has also been updated to include the change in filing a Return of Unlicensed Insurance from 30 days to 90 days.
Bulletin IPT 004, Voluntary Disclosure,has been rewritten using plain language and a new format so that the information is easier to read. It has also been updated to include the change in filing a Return of Unlicensed Insurance from 30 days to 90 days.
October 28, 2008
On October 22 the government announced plans to reduce the small business income tax rate effective December 1, 2008 and the personal income tax rates retroactive to January 1, 2008.
More information on the corporate tax rate changes is available here.
More information on the personal tax rate changes is available here.
October 2, 2008
Bulletin CIT 006, Mining Exploration Tax Credit, has been rewritten and replaces the version dated June 2005. Also, Bulletins CIT 005, Guidelines for Determining Qualified Mining Exploration Expenses and CIT 006-SR, Mining Exploration Tax Credit have been removed and combined into Bulletin CIT 006.
International Financial Activity Regulation
Further to changes to the International Financial Activity Act announced in Budget 2008, the regulation has been amended as follows:
OIC 394, June 6, 2008
1) Defines "qualifying business" in relation to the definition of "international financial business" to mean
- an active business,
- a business carried on as a separate business within a corporation that carries on an active business, where that separate business earns income principally from property (such as treasury activities), other than from property used in the active business, or
- a business carried on by a corporation that is affiliated with another corporation that carries on an active business and the corporation pays at least $300,000 in annual salary and wages to employees employed in the active conduct of the corporation's business and has at least $10 million in capital employed in the business in British Columbia;
2) Defines prescribed securities for a non-securities corporation as short term debt securities that are not derivatives. These are commonly referred to as short term financial instruments or money market securities. The terms "debt securities" and "derivatives" have the same meaning as in the CICA Handbook as it read February 19, 2008; and
3) Defines a prescribed foreign currency agreement to provide for the purchase, sale or exchange of foreign currency that is reasonably considered to have been made to reduce the risk of currency fluctuations related to an international financial activity.
OIC 497, June 27, 2008
1) Defines prescribed management services to include:
- strategic management services provided by the head office of the corporation; and
- the following human resource services provided by the head office of the corporation:
- payroll;
- benefits management;
- recruitment and selection;
- training and development.
2) Expands the listing of life science patents to include green energy patents. These patents are those that relate to renewable power generation from such sources as wind, hydro, solar, wave and tidal energies. The patent classifications are:
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Description |
Classification |
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Wave or tidal power |
E02B 9/08; F03B 13/06, 13/08, 13/10, 13/12, 13/14, 13/16, 13/18, 13/20, 13/22, 13/24, 13/26 |
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Wind power |
F03D |
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Solar power |
F03G 6/00; F24J 2/00; H01L 31/04 |
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Geothermal |
F03G 4/00; F24J 3/00 |
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For more information, please see the International Financial Activity Program.
Bulletin CIT 010-SR2, British Columbia Production Services Tax Credit has been revised to clarify the definition of a BC-based individual, for purposes of determining BC labour expenditure for the Production Services Tax Credit.
The Taxpayer Fairness and Service Code has been updated to reflect improvements in the typical small business audit process.
March 31, 2008:
Bulletin CIT 013, Training Tax Credits for Employers, the Table of Eligible Programs and Completion Requirements has been updated to include Industrial Instrument Mechanics with Instrumentation and Control Technicians.
Bulletin PIT 002, Training Tax Credits for Apprentices, the Table of Eligible Programs and Completion Requirements has been updated to include Industrial Instrument Mechanics with Instrumentation and Control Technicians.
March 25, 2008:
Bulletin CIT 009-SR2, Special Release, British Columbia Film and Television Tax Credit, provides information on the Budget 2008 changes to the British Columbia Film and Television Tax Credit.
Bulletin CIT 010-SR2, Special Release, Production Services Tax Credit, provides information on the Budget 2008 changes to the Production Services Tax Credit.
February 19, 2008:
The provincial government announced its 2008 Budget on
February 19, 2008. Statutes administered by the Income Taxation Branch are amended as a result. The changes are described in ITB Budget Bulletin, Changes to Legislation Administered by the Income Taxation Branch.
February 1, 2008:
Bulletin IPT 001, Insurance Premium Tax for Taxable Insurers, has been revised to clarify the definition of 'a taxable insurer' in accordance with the Insurance Premium Tax Act.
If you subscribe to our update service, we will automatically e-mail you a link every time this page is updated. This will ensure you have up-to-date information without you having to remember to check our site.
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