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How to File
Every financial corporation subject to Corporation Capital Tax (CCT) must file a CCT return, even if no tax is payable. For corporations claiming exempt status, we may still request you file a return to verify the exemption claim.
Special-01 (FIN 651)
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banks, trust companies, credit unions, and loan corporations that are subsidiary to a bank |
The following schedules, if applicable to your corporation and the particular tax year, must be filed with the CCT return:
Schedule A |
Calculation of Retained Earnings (Deficit)
Total Assets
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Schedule E |
Allocation Schedule |
Schedule F |
Schedule of Associated Financial Corporations |
Schedule G |
Calculation of Capital Tax Payable |
Schedule H |
Authorization Form - must be completed in order for us to discuss any CCT issues with a named representative of the corporation. A corporation may have more than one authorized representative for a specific tax year. |
Schedule I |
Details of Change |
Schedule J |
Calculation of Total Paid Up Capital for Authorized Foreign Banks |
CCT returns and schedules are automatically mailed to all corporations registered with the Income Taxation Branch. Your CCT account number is pre-printed on the return, along with a computer barcode containing this data. Therefore, you should not use a CCT return that has been pre-printed for another corporation or for another tax year. The generic forms can be downloaded from our Forms page, or you can contact us to request them. You may choose to file a return using a software-generated version of the form. We must approve the format and style of the form produced by the software prior to its use. This will eliminate the need for us to send you a pre-printed form. 
A signed copy of the CCT return must be filed with us at the following address:
Minister of Small Business and Revenue
PO BOX 9444 STN PROV GOVT
VICTORIA BC V8W 9W8
Fax copies will not be accepted. The following items must accompany the CCT return:
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where tax is owing, a cheque for the balance after deducting the instalments already made |
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the financial corporation's complete set of non-consolidated financial statements, prepared in accordance with Canadian generally accepted accounting principles, other than the equity method of accounting, and presented to the shareholders of the financial institution |
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if the corporation has an interest in a partnership or joint venture, those financial statements must also be included |
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any applicable supporting schedules, including Schedule A and Schedules E to J of the CCT return |
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a copy of the corporation's federal income tax return (T2) and supporting schedules for the relevant tax period |
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in the case of an authorized foreign bank, Schedule J and a copy of the Capital Adequacy Report that was filed with the Office of the Superintendent of Financial Institutions (OSFI). |
The CCT return must be filed within 184 days of the end of the corporation's tax year. A postmark date will be accepted as the filing date. If you do not file by the due date, the corporation is liable to a late-filing penalty of 10% of the amount of unpaid tax. In addition, debit interest on any overdue tax amounts will be levied at prescribed rates. The legislation also provides for additional penalties in various situations resulting from non-compliance with the legislation.
If you make a voluntary disclosure, it is our policy to waive penalties associated with the non-filing of the return, provided that you meet the conditions for voluntary disclosure outlined in Bulletin CCT 009, Voluntary Disclosure Program: Corporation Capital Tax Act.
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