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April 5, 2005

Changes to income tax in B.C.

On March 3, 2005 in British Columbia, Bill 7, Income Tax Amendment Act, 2005 received royal assent. Specific changes relate to the BC tax reduction credit, BC Business Limit, the Film and Television Tax Credit and the Production Services Tax Credit.

Changes include an increased to the BC business limit:

Effective January 1, 2005, the British Columbia business limit to which the British Columbia small business rate of corporate income tax may be applied is increased from $300,000 to $400,000.

Corporations should also review the corporate straddle provisions:

A corporation with a taxation year that starts before January 1, 2005 and ends after December 31, 2004 will be required to prorate its British Columbia business limit of $400,000, based on the number of days in the taxation year after December 31, 2004. The business limit of $300,000 must be prorated based on the number of days in the taxation year prior to January 1, 2005.

For more information on the BC Business Limit, please see the Bulletin at:
http://www.rev.gov.bc.ca/itb/Bulletins/cit_002-SR.pdf

For changes to the British Columbia Film and Television Tax Credit, please refer to the Bulletin at:
http://www.rev.gov.bc.ca/itb/Bulletins/cit_009-SR1.pdf

For more information on the British Columbia Production Services
Tax Credit
, please refer to the Bulletin at:
http://www.rev.gov.bc.ca/itb/Bulletins/cit_010-SR1.pdf

Posted by Taxes.ca Editorial Team [permalink]

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