Cumulative Tax Credit
No fixed amount
Tax Credit
Description:
The Cumulative Tax Credit lowers the taxes coal and other mines have to pay by reducing the Net Revenue Tax based on the Net Current Proceeds Tax they have paid. This credit ensures that you only pay one of the two taxes.
Comments on Funding:
All of the Net Current Proceeds Tax your business pays is tracked in your Cumulative Tax Credit Account (CTCA). In future years when you pay Net Revenue Tax, you can claim the cumulative tax credit on your mineral tax return. The balance in your CTCA will then be deducted from the Net Revenue Tax you owe for the year.
Continuous Intake
Eligibility:
Applicants must:
1. be coal miners;
2. be mineral miners;
3. have eligible exploration expenses:
a) have one or more mines in B.C. that operated commercially
b) had exploration costs during the fiscal year of one of those mines
c) incurred the exploration costs in B.C.
Application Steps:
For details about this program, contact Mineral, Oil & Gas Revenue Branch through:
Email: MOG.Mineral.Tax@gov.bc.ca
Toll Free: 1-800-667-1182
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
