Canada: Extended deadlines for claiming tax credits (British Columbia)

Canada: Extended deadlines for claiming tax credits

British Columbia announced deadline extensions for certain corporate and individual (personal) provincial tax credit claims for a maximum of six months, until 31 December 2020, at the latest. The extension applies to tax credit claims originally due on or after 13 March 2020.

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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 and individual 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 31 December 2020:

  • Scientific research and experimental development tax credit
  • Book publishing tax credit
  • Film and television tax credit
  • Interactive digital media tax credit
  • Mining exploration tax credits for corporate and personal income tax
  • Production services tax credit
  • Training tax credit for employers

These deadline extensions apply to tax credit claims originally due on or after 13 March 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.

Read a September 2020 report prepared by the KPMG member firm in Canada

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