 |
British Columbia Shipbuilding and Ship Repair Industry Tax Credit (Employers) |
Protected B when completed 2023 |
||||||||||||||||
| Complete this form to calculate your British Columbia shipbuilding and ship repair industry tax credit for employers. If you are completing the tax return for a corporation, use T2 Schedule 430, British Columbia Shipbuilding and Ship Repair Industry Tax Credit. |
||||||||||||||||||
| You can claim this credit if you were a resident of British Columbia at the end of the year and you met both of the following conditions: | ||||||||||||||||||
| • | Your principal business, at any time in the year, was the construction, repair or conversion of ships in British Columbia | |||||||||||||||||
| • | You employed a person who was registered in an eligible program administered through SkilledTradesBC at any time in the year | |||||||||||||||||
| Eligible programs and completion requirements are defined by Regulation. For more information, go to www2.gov.bc.ca/gov/content/taxes/income-taxes/corporate/credits/ship-build-repair or call 1-877-387-3332. |
||||||||||||||||||
| There are three elements to the shipbuilding and ship repair industry tax credit: | ||||||||||||||||||
| • | Basic tax credit for an eligible apprenticeship program (Red Seal and non-Red Seal) (read Part 2 of the worksheet on the next page) | |||||||||||||||||
| • | Completion tax credit for an eligible training program (Red Seal and non-Red Seal) (read Part 3 of the worksheet on the next page) | |||||||||||||||||
| • | Enhanced tax credit for First Nations individuals and persons with disabilities (read Part 4 of the worksheet on the next page) | |||||||||||||||||
| Salary and wages for the purpose of calculating your credits are the salary and wages paid or payable to an employee enrolled in an eligible program, minus any related government or non-government assistance received or receivable. Salary and wages do not include profits, bonuses, employee benefits or stock options. For the purpose of calculating the credits, government assistance does not include the federal apprenticeship job creation tax credit claimed for this employee. |
||||||||||||||||||
| Notes: | For the completion tax credit, the salary and wages can be applied twice for overlapping periods when more than one level was completed within the same year. |
|||||||||||||||||
| For example, an employee hired on April 1, 2022, had completed level 3 on May 31, 2023, and level 4 on November 30, 2023. The employer can claim the salary and wages paid from June 1, 2022, to May 31, 2023, for the level 3 credit and claim those paid from December 1, 2022, to November 30, 2023, for the level 4 credit. The salary and wages paid from December 1, 2022, to May 31, 2023, are included for both level 3 and level 4 credits. |
||||||||||||||||||
| If two or more employers, who are not dealing with each other at arm's length, are claiming this credit for the same employee, the total of all amounts claimed by those employers cannot be more than the maximum amount that would be claimed if only one employer were making the claim. |
||||||||||||||||||
| Complete the worksheet on the next page. If you have more than one employee enrolled in an eligible program, complete a separate worksheet for each employee. |
||||||||||||||||||
| If you are filing a paper return, attach this form and the worksheets. | ||||||||||||||||||
British Columbia shipbuilding and ship repair industry tax credit |
||||||||||||||||||
| Enter the total credits calculated from line 7 in Part 2 from all worksheets. | Basic tax credit | 1 | ||||||||||||||||
| Enter the total credits calculated from line 14 in Part 3 from all worksheets. | Completion tax credit | + | 2 | |||||||||||||||
| Enter the total credits calculated from line 21 in Part 4 from all worksheets. | Enhanced tax credit | + | 3 | |||||||||||||||
| Add lines 1 to 3. | ||||||||||||||||||
| Enter this amount on line 60570 of your Form BC479, British Columbia Credits. | = | 4 | ||||||||||||||||
Certification |
Freedom of Information and Protection of Privacy Act (FOIPPA) | |||||||||||||||||
| I certify that the information given on this form is correct and | The personal information on this form is collected for the purpose of | |||||||||||||||||
| complete. | administering the Income Tax Act (British Columbia) under the authority of | |||||||||||||||||
| both this Act and section 26 of the FOIPPA. Questions about the collection | ||||||||||||||||||
| or use of this information can be directed to the Manager, | ||||||||||||||||||
| Signature | Intergovernmental Relations, PO Box 9444, Stn Prov Govt, Victoria BC | |||||||||||||||||
| V8W 9W8. (Telephone: Victoria at 250-387-3332 or toll-free | ||||||||||||||||||
| Year | Month | Day | at 1-877-387-3332). | |||||||||||||||
| Date | Email: ITBTaxQuestions@gov.bc.ca | |||||||||||||||||
| See the privacy notice on your return. | ||||||||||||||||||
| T1014-2 E (23) | (Ce formulaire est disponible en français.) | |||||||||||||||||