Qualifying environmental trust tax credit

The qualifying environmental trust tax credit is for eligible corporations that are beneficiaries of qualifying environmental trusts located in B.C.

For more information about the credit, see the Canada Revenue Agency’s website.

Claiming the credit

You can claim the credit when you file your T2 Corporation Income Tax Return. Enter the amount of the credit you’re claiming on line 670 Schedule 5, Tax Calculation Supplementary – Corporations.

The credit is fully refundable, but must first be applied against total income tax payable. There are no carry-back or carry-forward provisions.

Legislation

The following legislation applies to the qualifying environmental trust tax credit:

• Income Tax Act (B.C.) Section 25