The International Financial Activity (IFA) program provides a refund of provincial income tax paid in respect of income earned in conducting international financial business. An eligible corporation must register itself, and any specialists it employs, under the International Financial Activity Act (IFAA)* to qualify for the program.
2008 Budget Measures
The February 19, 2008 Budget proposes the following amendments to the IFAA:
Expanding the list of international financial activities to include short term debt securities trading by non-securities corporations, prescribed human resource and strategic planning activities, and income earned from patents related to green power generation,
Re-define International Financial Business to include a test for substantial BC presence
Income from certain hedging activities will be included.
