The province is offering a six-month extension for claiming certain tax credits
British Columbia has announced deadline extensions for certain corporate and personal provincial tax credit claims for a maximum of six months, until December 31, 2020, at the latest. The extension applies to tax credit claims originally due on or after March 13, 2020. The province is also extending the B.C. mining flow-through share tax credit eligibility period to align with the temporary extension offered by the federal government on flow-through shares.
Affected corporate & personal provincial tax credit claims
Under this recent announcement, deadlines to claim the following tax credits are extended to the earliest of either six months from the original due date or December 31, 2020:
These deadline extensions apply to tax credit claims originally due on or after March 13, 2020.
B.C. mining flow-through share tax credit
The B.C. mining flow-through share tax credit eligibility period is extended from 24 months to 36 months for 2019 and 2020 flow-through share purchases. During this eligibility period, an expenditure must be incurred by the issuer to be renounced in favour of flow-through shares. This extension aligns the eligibility period for the B.C. mining flow-through share tax credit with the temporary federal timelines for flow-through shares.
For more information, contact your KPMG advisor.
Information is current to September 15, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
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