Logging Tax Credit
No fixed amount
Tax Credit
Description:
The Logging Tax Credit is for corporations that have paid BC logging tax on income earned from logging operations for the year.
Comments on Funding:
Continuous Intake
Eligibility:
Applicants must:
1. be eligible registered corporations;
2. have paid logging tax to B.C. on income earned from logging operations for the year;
3. If applicants are a Canadian-controlled private corporation, for tax years ending after December 31, 2008, they may be unable to claim the full credit because of the provincial small business corporation income tax rate. In this case, they may file an Application for Refund of Logging Tax (FIN 196) (PDF) with the ministry.
Application Steps:
Applicants can claim the credit when they file their T2 Corporation Income Tax Return. They must enter the amount of the provincial logging tax credit they are claiming on line 651 of Schedule 5,
Documentation Needed:
Applicants must provide their T2 Corporation Income Tax Return.
Other Things to Note:
About the author
Maurice
