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ARCHIVED - 5010-N Information Sheet About British Columbia Tax Credits

Calculate your British Columbia tax credits on Form T1C (B.C.), British Columbia Tax Credits, which we have included with this package. You can find information about the British Columbia sales tax credit and political contribution tax credit on the back of Form T1C (B.C.).

Employee share ownership plan tax credit

You can claim this credit if you acquired shares under a registered British Columbia employee share ownership plan (ESOP) at any time in 1997, or in the first 60 days of 1998.

Enter on line 18 of Form T1C (B.C.) the tax credit amount shown on Form ESOP 20. Include Form T1C (B.C.) and Form ESOP 20 with your return. If you are using EFILE, show them to your EFILE service provider.

Employee venture capital tax credit

You can claim this credit if you acquired or irrevocably subscribed and paid for shares from a registered British Columbia employee venture capital corporation (EVCC) at any time in 1997, or in the first 60 days of 1998.

Enter on line 19, the tax credit amount shown on Form EVCC 30. Include Form T1C (B.C.) and Form EVCC 30 with your return. If you are using EFILE, show them to your EFILE service provider.

If you bought shares from a registered EVCC, you are also eligible for a matching federal tax credit. See lines 413 and 414 in the guide for more information.

Total ESOP and EVCC tax credits you can claim

The maximum total of your ESOP and EVCC tax credits that you can claim in 1997 is $2,000. The ESOP and EVCC tax credits that you do not claim in a year are not refundable, and you cannot carry them forward to future years.

If you bought ESOP or EVCC shares in the first 60 days of 1998, you can claim your tax credit on those shares on your 1997 or 1998 return, or you can divide the credit between these two returns. The date you bought your shares is shown on your tax credit certificate (Form ESOP 20 or Form EVCC 30) under "investment date."

If you bought shares in the first 60 days of 1998, and the total of your ESOP and EVCC tax credits is more than $2,000, you can claim up to $2,000 on your 1997 return and the rest on your 1998 return.

Keep a record of how you claimed your tax credit. Write on the certificate the credit you are claiming on your 1997 return and the credit you will claim on your 1998 return. When you file your 1998 return, attach a photocopy of the original certificate that shows the breakdown of your credit between your 1997 and 1998 returns.

If you claim part of your EVCC or ESOP tax credit on your 1997 return, you cannot claim a tax credit for that part on your 1998 return.

Venture capital tax credit

If you acquired shares from a registered British Columbia venture capital corporation (VCC) at any time in 1997, you can claim this credit up to a maximum of $60,000 in 1997.

Enter on line 26 of Form T1C (B.C.) the tax credit amount shown on Form VCC 10. That form confirms the amount you invested and the date of your investment. Include Form T1C (B.C.) and Form VCC 10 with your return. If you are using EFILE, show them to your EFILE service provider.

If the date of your investment is before 1997, and you did not claim the full amount of your credit on your 1996 or previous returns, you can claim the unused part (up to $60,000) on your 1997 return. This amount is shown on your 1996 Notice of Assessment.

We will show any amount available to carry forward to 1998 on your 1997 Notice of Assessment.

Enquiries

If you bought shares under an employee share ownership plan, and you want to know if the plan is registered under the Employee Investment Act, ask your employer.

If you have questions about the employee venture capital tax credit, contact the employee venture capital corporation that issued your shares, your stockbroker, or your investment advisor.

If you have questions about the venture capital tax credit, contact the venture capital corporation that issued your shares, your stockbroker, or your investment advisor.

British Columbia Family Bonus

You and your family may be entitled to the BC Family Bonus-a tax-free program offered by the Government of British Columbia, which is designed to help families with the cost of raising their children.

You may be entitled to receive up to $103 each month for each child under the age of 18. There is no need to apply. The information you supply on your tax return (and, if applicable, your spouse's return) will determine how much you receive.

If you haven't already done so, you (and your spouse) should file your 1997 tax return(s) as soon as possible. This will help ensure that you continue to receive your BC Family Bonus payments.

For more information on the BC Family Bonus, call toll free 1-800-648-6188, or 951-6892 if you are calling from the Lower Mainland.

Use the chart below to determine how much BC Family Bonus you and your family could receive each month. Based on net family income and the size of your family, you will receive the following monthly benefits:

Date modified:

2002-12-11