Title BEFORE amended by BC Reg 188/2010, effective June 3, 2010.
International Financial Activity Regulation
Section 1 was renumbered as 1 (1) by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
Section 1 (1) definition of "Act" BEFORE amended by BC Reg 188/2010, effective June 3, 2010.
"Act" means the International Financial Activity Act;
Section 1 (1) definition "eligible class of patents" was added by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
Section 1 (2), (3) and (4) were added by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
Section 1.1 (1) (part) BEFORE amended by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
(1) In the Act, "qualifying business", in relation to a corporation, means
Section 1.1 (2) (part) BEFORE amended by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
(2) For the purposes of the definition of "qualifying business", the amount of capital employed in British Columbia is the amount calculated by the following formula:
Section 1.1 (c) (iii) (A) and (B) BEFORE amended by BC Reg 23/2018, effective September 12, 2017 [retro from February 26, 2018].
(B) if the taxation year is less than 365 days, the amount that is that proportion of $300 000 that the number of days in the taxation year bears to 365.
Section 1.1 (c) (iii) (C) was added by BC Reg 23/2018, effective September 12, 2017 [retro from February 26, 2018].
Section 4 (1), (6) and (7.1) BEFORE repealed by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
(1) For the purposes of section 2 (2) (a) to (d) of the Act, the following are prescribed businesses:
(a) an international financial business of any other registered corporation;
(b) an international banking centre business designated under section 33.1 (3) of the federal Act;
(c) an international financial centre as defined in An Act Respecting International Financial Centres (Quebec).
(6) For the purposes of section 2 (2) (q) of the Act, a prescribed film or television production is a production that is pornography.
(7.1) For the purposes of section 2 (2) (r.1) of the Act, the following are prescribed management services:
(a) strategic management services provided by the head office of the corporation;
(b) the following human resource services provided by the head office of the corporation:
(i) payroll;
(ii) benefits management;
(iii) recruitment and selection;
(iv) training and development.
Section 4 (8) BEFORE amended by BC Reg 188/2010, effective September 1, 2004 [retro from June 3, 2010].
(8) For the purposes of section 2 (2) (t) of the Act, the following are prescribed financial activities of a corporation that is a savings institution:
(a) acting
(i) as trustee of a trust that, at all relevant times, is non-resident,
(ii) as an executor or administrator of the estate of a non-resident person, all the beneficiaries of which are at all relevant times non-residents,
(iii) as guardian of the estate of a minor who is non-resident, or
(iv) as committee of the estate of a mentally incompetent person who is non-resident;
(b) providing services to a non-resident person in respect of the Immigration and Refugee Protection Act (Canada);
(c) providing services to a non-resident person in respect of that person
(i) seeking leave to enter the United Kingdom as an investor,
(ii) seeking an extension of stay in the United Kingdom as an investor, or
(iii) seeking indefinite leave to remain in the United Kingdom as an investor.
Section 4 (8) (a) (iii) BEFORE amended by BC Reg 370/2012, effective March 18, 2013.
(iii) as guardian of the estate of a minor who is non-resident, or
Section 5 (1) (part) BEFORE amended by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
(1) For the purposes of section 2 (2) (q.1) and (q.2) of the Act, the class of patents prescribed is those patents
Section 5 (2) BEFORE amended by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
(2) As an exception to subsection (1), the class of patents prescribed does not include a patent relating to tobacco or any product made of tobacco other than a product that purports to assist a person to cease using tobacco.
Section 6 BEFORE re-enacted by BC Reg 188/2010, effective March 3, 2010 [retro from June 3, 2010].
Foreign currency transaction
6 For the purposes of paragraph (b) of the description of "IFB income" in section 19 (1) and (1.1) of the Act, a prescribed foreign currency agreement is an agreement that
(a) provides for the purchase, sale or exchange of currency by the international financial business, and
(b) can reasonably be considered to have been made by the international financial business of the corporation to reduce its risk of fluctuations in the value of the currency in which an amount is denominated, if the amount is an asset or liability of the international financial business and is incident to an international financial activity referred to in the applicable section.
[en. B.C. Reg. 138/2008, s. 3; am. B.C. Reg. 138/2008, s. 4.]