Federal Logging Tax Credit
no fixed amount
Tax Credit
Description:
Corporations that have income from logging operations and have paid logging tax to the province of Quebec or British Columbia can claim this credit.
Comments on Funding:
Rolling deadline
Eligibility:
The applicant must:
1. be a corporation that has income from logging operations;
2. have paid logging tax to the province of Quebec or British Columbia.
Application Steps:
1. Applicants must complete Part 5 of Schedule 21, Federal and Provincial or Territorial Foreign Income Tax Credits and Federal Logging Tax Credit, to calculate this credit.
2. On line 640, applicants must enter the credit they calculated on line 580 of Schedule 21 or a lesser amount.
Documentation Needed:
Applicants must provide a completed Part 5 of Schedule 21.
Other Things to Note:
About the author
Maurice
