The fourth annual REEL Earth Day Challenge has raised $100,000 toward projects delivered through Metro Vancouver Regional Parks Foundation. Since 2021, the annual BC film industry fundraiser for parks and greenspaces has raised over $473,000. “Creative BC's Reel...
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Important reminder for FIBC applicants: Completion certificate required in the final tax year of production after transition period
As of March 31, 2023, the transition period, with respect to the requirement that a Completion Certificate be submitted with the T2 corporate income tax return in the final tax year of the production, will be ending. Starting April 1, 2023 per section 85(1) of the Income Tax Act of British Columbia, corporations filing a claim for the British Columbia film and television tax credit (BCFTTC – FIBC) must submit a Completion Certificate with their T2 corporate income tax return if the production was completed in the related tax year.
Going forward, an Eligibility Certificate alone will no longer be accepted for the tax year the production is completed, as was the case during the transition period that CRA had given to producers to become compliant with the legislation.
In addition to the requirement under s. 85(1), the production must also receive a Completion Certificate under s. (88)(1)(b)(i)(A) within 30 months from the end of the tax year in which principal photography of the production began.
However, under s.85(3) if the production is started and completed in a single tax year, corporations only have 18 months from the end of the tax year in which the production is completed to receive the completion certificate and submit it to CRA along with the T2 corporate income tax return. This 18-month deadline will be sooner than the 30 month deadline under s (88)(1)(b)(i)(A) for these shorter production cycles. Failure to submit the completion certificate to the CRA within the 18 month period may result in tax credits being denied.
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