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Volume 52, No. 5

B.C. Reg. 67/2009

The British Columbia Gazette,

Part II

March 10, 2009

B.C. Reg. 67/2009 , deposited March 6, 2009, pursuant to the FINANCIAL ADMINISTRATION ACT [Section 19]. Order in Council 174/2009, approved and ordered March 5, 2009.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the attached Logging Tax Remission Regulation is made.

— C. HANSEN, Minister of Finance and Minister Responsible for the Olympics ; S. BOND, Presiding Member of the Executive Council .

LOGGING TAX REMISSION REGULATION

Definitions

1 In this regulation:

"Canadian-controlled private corporation" means a corporation that must pay tax under

section 16 (1) of the Income Tax Act ;

"logging tax" has the same meaning as in

section 19.1 of the Income Tax Act ;

"taxation year" , in relation to a Canadian-controlled private corporation, means a taxation year of the corporation under the Income Tax Act .

Remission

(1) Subject to this section, authorization is given for the remission of logging tax paid by a Canadian-controlled private corporation for a taxation year ending after December 31, 2008.

(2) The remission under subsection (1) is subject to the following conditions:

(

a) the Canadian-controlled private corporation must have paid any logging tax payable for the taxation year;

(

b) the Canadian-controlled private corporation must have paid any tax payable for the taxation year under the Income Tax Act ;

(

c) the Canadian-controlled private corporation must file an application with the Commissioner of Income Tax that is in the form, and contains the information, required by the Commissioner of Income Tax;

(

d) the Canadian-controlled private corporation must agree that, if there is a subsequent assessment of the corporation for the taxation year under the Income Tax Act or the Logging Tax Act , the corporation will refund to the government the amount by which the amount of the remission under subsection (1) for the taxation year that was paid to the corporation or set-off under the Financial Administration Act exceeds the amount of the remission the corporation is entitled to receive for the taxation year.

(3) Subject to subsection (4), the amount of the remission under subsection (1) to a Canadian-controlled private corporation for a taxation year is equal to the amount by which

(a) 1/3 of the logging tax paid by the Canadian-controlled private corporation for the taxation year

exceeds

(

b) the tax payable under the Income Tax Act for the taxation year by the Canadian-controlled private corporation computed as if the only deduction from tax otherwise payable under that Act for the taxation year by the corporation were the deduction under

section 14 (3) of that Act.

(4) The amount of the remission under subsection (1) to a Canadian-controlled private corporation May not exceed $3 333 for a taxation year.

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