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B.C. Reg. 67/2009
O.C. 174/2009
Deposited March 6, 2009
This consolidation is current to November 29, 2022.
Link to consolidated regulation (PDF)
Link to Point in Time

Financial Administration Act

Logging Tax Remission Regulation

[includes amendments up to B.C. Reg. 16/2018, February 20, 2018]

Definitions

1   In this regulation:

"Canadian-controlled private corporation" means a corporation that must pay tax under section 16 (1) of the Income Tax Act;

"logging tax" has the same meaning as in section 19.1 of the Income Tax Act;

"taxation year", in relation to a Canadian-controlled private corporation, means a taxation year of the corporation under the Income Tax Act.

Remission

2   (1) Subject to this section, authorization is given for the remission of logging tax paid by a Canadian-controlled private corporation for a taxation year ending after December 31, 2008.

(2) The remission under subsection (1) is subject to the following conditions:

(a) the Canadian-controlled private corporation must have paid any logging tax payable for the taxation year;

(b) the Canadian-controlled private corporation must have paid any tax payable for the taxation year under the Income Tax Act;

(c) the Canadian-controlled private corporation must file an application with the Commissioner of Income Tax that is in the form, and contains the information, required by the Commissioner of Income Tax;

(d) the Canadian-controlled private corporation must agree that, if there is a subsequent assessment of the corporation for the taxation year under the Income Tax Act or the Logging Tax Act, the corporation will refund to the government the amount by which the amount of the remission under subsection (1) for the taxation year that was paid to the corporation or set-off under the Financial Administration Act exceeds the amount of the remission the corporation is entitled to receive for the taxation year.

(3) Subject to subsection (4), the amount of the remission under subsection (1) to a Canadian-controlled private corporation for a taxation year is equal to the amount by which

(a) 1/3 of the logging tax paid by the Canadian-controlled private corporation for the taxation year

exceeds

(b) the tax payable under the Income Tax Act for the taxation year by the Canadian-controlled private corporation computed as if the only deduction from tax otherwise payable under that Act for the taxation year by the corporation were the deduction under section 14 (3) of that Act.

(4) The amount of the remission under subsection (1) to a Canadian-controlled private corporation may not exceed the following:

(a) $3 333 for a taxation year ending on or before December 31, 2009;

(b) $4 167 for a taxation year ending after December 31, 2009 and on or before March 30, 2017;

(c) $6 667 for a taxation year ending after March 30, 2017.

[am. B.C. Regs. 113/2011; 16/2018.]

[Provisions relevant to the enactment of this regulation: Financial Administration Act, R.S.B.C. 1996, c. 138, s. 19]