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How to File
Under the International Financial Activity program, a tax refund will be paid to an IFA specialist only after all B.C. and federal income taxes for the tax year are paid.
To receive a tax refund, an IFA specialist must file a return with the Ministry of Finance within 18 months of the end of their tax year.
IFA specialists must complete and submit an IFA Tax Refund of an IFA Specialist form (FIN 550) to claim a tax refund. Please see the Guide to Filling Out the Tax Refund of an IFA Specialist (FIN 550G) for assistance in completing the return. Also, the corporation is required to submit a specialist's report within 90 days of the calendar year end.
The IFA specialist must notify the ministry within 90 days of any income tax reassessment that may impact the calculation of the tax refund.
Calculation of the Tax Refund |
An IFA specialist may claim a tax refund of income taxes calculated as follows:
Tax refund = (A/B) * C * 75% where
- A is the IFA specialist's net employment income from the registered corporation
- B is the IFA specialist's net income earned in British Columbia for income tax purposes
- C is the IFA specialist's B.C. income tax (after deducting all tax credits and deemed payments)
Please see our Forms page for the forms required to file for an IFA refund.
Contact us if you have any questions regarding the completion of the IFA return.
For information on IFA refunds for corporations, please see our How to File page under Businesses > Income Taxes > International Financial Activity. |
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