BC Foreign tax credit

The foreign tax credit is for eligible corporations that pay taxes to another country on foreign non-business income. The credit reduces the provincial tax otherwise payable.

Grant Deadline

Deadline not available

Funding Amount

Deadline not available

Type of Grant

Tax Credit

Sectors

All Sectors

Demographics

Incorporation

For Profit

Perks

Region Restriction

This grant is restricted to whole of Canada

Keywords

Age Restriction

This grant is age restricted from 18 to 100

Eligibility and Requirements

The provincial or territorial foreign tax credit is available to a corporation that meets all of the following criteria:

• It is resident in Canada throughout the tax year
• It has a permanent establishment in the province or territory at any time in the tax year
• It has foreign investment income for the tax year
• You can claim this credit only if the foreign non-business income tax paid exceeds the federal foreign non-business income tax credit deductible for the year

Application Requirements

You can claim the credit when you file your T2 Corporation Income Tax Return. Enter the amount of the B.C. foreign tax credit you’re claiming on line 650 of Schedule 5, Tax Calculation Supplementary – Corporations. For British Columbia, prorate the tax rate in each period, round off the prorated rates to the nearest one-thousandth of 1 percent (= 0.001%), and add the rounded percentages for the periods before multiplying by the foreign non-business income

Grant Application website

https://www2.gov.bc.ca/gov/content/taxes/income-taxes/corporate/credits/foreign

Contact

Contact the Canada Revenue Agency with your questions about the foreign tax credit.

Phone:

1-800-959-5525

(Toll-free in Canada)

Street Address:

Canada Revenue Agency

9755 King George Blvd.

Surrey B.C. V3T 5E1