For Employees: the IB Specialist and the Executive Specialist

A company in the International Business (IB) program can apply to register an employee as an IB Specialist or an Executive Specialist

Benefit for Employees

• A registered Specialists are entitled to receive a refund of provincial tax on income earned in the international financial business (IFB) at a rate of 100% for years one and two, 75% for year 3, 50% for year 4, and 25% for year 5.

IB Specialist

• The individual must be a non-resident of Canada immediately prior to entering into a written employment contract.
• The employee's annual compensation must be greater than $100,000. (Compensation includes salaries, wages, commissions, and other remunerations, but does not include an amount as described in section 7 of the federal Act)
• The terms of the written contract of employment require that at least 70% of the individual’s working time must be devoted to international financial activities, except for administrative support and back-up office services, which do not have a minimum time requirement.
• Individuals employed in patent activities do not qualify.
• Employees working on activities registered as administrative support and back-up office services are eligible to register as an IB Specialist:
• Compensation must be included in the calculation of IFB income
• A maximum of 4 per company are allowed
• The employer must be registered in the IFB program.

Executive Specialist

• The individual must be a non-resident of Canada immediately prior to entering into a written employment contract.
• The employee's annual compensation must be greater than $250,000. (Compensation includes salaries, wages, commissions, and other remunerations, but does not include an amount as described in section 7 of the federal Act)
• Compensation must be included in the calculation of IFB income.
• A maximum of 2 per company will be allowed.
• The employer must be registered in the IFB program.

The Refund

• The employer of the Specialist must first register the company with the BC Ministry of Finance (formerly the BC Ministry of Small Business and Revenue) in the IB program in order for the individual to be eligible for the tax refund.
• A refund is paid only after all British Columbia and federal income taxes for the taxation year are paid.
• Returns must be filed within 18 months of the end of the taxation year.

More Information

For more information about Specialists, please consult the Ministry of Finance's website.

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