British Columbia logging tax credit

Corporations that have paid a logging tax to British Columbia on income they earned from logging operations for the year can claim a British Columbia logging tax credit.

This non-refundable credit is equal to one-third of the logging tax payable and paid as indicated on provincial form FIN 542S, Logging Tax Return of Income, or FIN 542P, Logging Tax Return of Income for Processors.

For more information about this credit, see section 19.1 of the British Columbia Income Tax Act.

Claiming the credit

On line 651 of Schedule 5, Tax Calculation Supplementary – Corporations, enter the amount of the credit you are claiming.

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