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This Act is current to April 11, 2018
See the Tables of Legislative Changes for this Act’s legislative history, including any changes not in force.

Income Tax Act

[RSBC 1996] CHAPTER 215

Part 8 — Book Publishing Tax Credit

Definitions and interpretation

111   (1) In this Part:

"BC book publishing corporation", for a taxation year, means a corporation that

(a) is a Canadian-controlled corporation throughout the taxation year, and

(b) is a book publishing corporation that carries out its business primarily through a permanent establishment in British Columbia as determined by the regulations,

but does not include a corporation that

(c) is exempt from tax under section 27,

(d) is controlled directly or indirectly in any manner by one or more persons, all or part of whose taxable income is exempt from tax under section 27 of this Act or under Part I of the federal Act, or

(e) is of a type or class of corporation prescribed by regulation;

"book publishing corporation" means a corporation whose principal business is book publishing, and that

(a) enters into contractual agreements with authors and copyright holders,

(b) offers books for retail sale, and

(c) bears the financial risks associated with carrying on the business of publishing, or is related to a Canadian-controlled corporation that bears the financial risks associated with carrying on the business;

"Canadian-controlled corporation" means a corporation that is Canadian-controlled within the meaning of sections 26 to 28 of the Investment Canada Act;

"CBF contribution" means a contribution paid before April 1, 2021 as a base amount under the Support for Publishers component of the Canada Book Fund, administered by the Department of Canadian Heritage;

"related" has the same meaning as in section 251 of the federal Act.

(2) In applying sections 26 to 28 of the Investment Canada Act for the purposes of this Part, those sections are to be read without reference to the "Director", and as though a reference to the "Minister" were to the "minister", as defined in this Act.

Book publishing tax credit

112   (1) A corporation is eligible for the book publishing tax credit for a taxation year ending after September 30, 2002 if

(a) the corporation is, throughout the taxation year in respect of which the tax credit is being claimed, a BC book publishing corporation,

(b) the corporation received a CBF contribution in the taxation year in respect of which the tax credit is being claimed, and

(c) the corporation applies for the tax credit in accordance with section 114.

(2) The amount of the book publishing tax credit that may be claimed by an eligible corporation is 90% of the CBF contribution for the taxation year.

Deemed payment

113   A corporation that has claimed and is eligible for a tax credit under this Part for a taxation year is deemed to have paid, at the time referred to in section 157 (1) (b) of the federal Act, as that section relates to that taxation year, the amount of that credit on account of its tax payable under this Act.

Filing requirements

114   (1) An eligible corporation that wishes to claim a tax credit under this Part in respect of a taxation year must file, with the return of income filed by the corporation under section 29 for that taxation year, an application for the tax credit in the form, and containing the information, required by the Commissioner of Income Tax.

(2) An eligible corporation is not entitled to a tax credit under this Part in relation to its book publishing tax credit in a taxation year unless, within 18 months after the end of the taxation year, the corporation files the form containing the information required under subsection (1).

Power to make regulations

115   Regulations made for the purposes of this Part may be made retroactive to a date on or after October 1, 2002 and if made retroactively are deemed to have come into force on the date specified in the regulation.

Contents | Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12