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Financial Corporation Capital Tax

Legislation:

All financial corporations that have a permanent establishment within the province are required to pay Financial Corporation Capital Tax on the taxable capital of the corporation at the rate of 5 percent.  The Financial Corporation Capital Tax Act was first introduced on July 1, 1988. The latest version of the Act is available online as a PDF document.


Financial Corporation means:

A bank, trust company or loan company and includes an agent, assignee, trustee, liquidator, receiver or official having possession or control of any part of the property of the bank, trust company or loan company but does not include a trust company or loan company incorporated without share capital.

 

Historical Tax Rates:

The following is an historical summary of the Financial Corporation Capital Tax rates pursuant to section 2 (1) (b) of the Financial Corporation Capital Tax Act.

April 1, 2004 5.0% of paid up capital in excess of $2,000,000
April 10, 1991 3.0% of paid up capital in excess of $2,000,000
March 14, 1990 2.5% of paid up capital in excess of $2,000,000
July 1, 1988 1.5% of paid up capital in excess of $2,000,000

Please note:
This page is prepared for information purposes only, and should not be considered a substitute for the applicable statutes. Should there be any conflict between the contents of this page and the statutes, the statutes shall prevail.

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