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The International Financial Centre British Columbia (IFC BC) Is the IFC BC a government organization? Registration Under the International Financial Activity (IFA) program Is joining the IFC BC the same as registering with the Province? Membership in the Society What are my responsibilities as a member of the IFC BC? IFA Specialists How do I register as an IFA Specialist? General Why is it necessary to pay the provincial income tax before getting a refund?
The International Financial Centre British Columbia Is the IFC BC a government organization? No. The International Financial Centre BC is a non-profit organization incorporated as a Society under the Society Act of British Columbia. It exists independent of both the federal and provincial government. How long has the IFC BC been in existence? The International Financial Centre British Columbia began operations in 1988 as the International Financial Centre Vancouver. In 2004, the name was changed to reflect the fact that all companies in British Columbia are eligible under the IFAA. The IFC BC is funded by Members of the Society. Sources of funds include membership fees and Participation Assessment fees, which are assessed annually. Core Members pay $1,000 a year; Associate Members pay $300 a year. Core Members are also assessed a Participation fee based on income of the company's international financial business income. The IFC BC receives no government funding.
Registration Under the IFA program Is joining the IFC BC the same as registering with the Province? No. Joining the IFC BC is a separate process that takes place between the registrant and the IFC BC. A prospective member must complete a Membership Form and send in a cheque for $1,000. Information regarding Provincial registration can be found on the website of the BC Ministry of Small Business and Revenue, Revenue Programs Division, Income Taxation Brach. Do I have to locate my business in British Columbia to get this favourable tax treatment? The Province requires that a qualifying business maintain a permanent establishing in British Columbia and keep books and records of the qualifying business in British Columbia. For further information about Provincial requirement, please access the website of the BC Ministry of Small Business and Revenue, Revenue Programs Division, Income Taxation Branch. Do non-arm's length transactions qualify? In most cases, yes. Under the IFAA, companies are eligible to register activities transacted with related parties and affiliates. The qualifying activities must be priced on an "arm's length" basis. Further details on the IFA program can be found in Bulletin IFA 001, International Financial Activity Overview. Where can I get registration forms? The IFA program is administered by the BC Ministry of Small Business and Revenue, Revenue Programs Division, Income Taxation Branch and forms are available on their website.
Membership in the Society What are the responsibilities of members? Core Members of the International Financial Centre BC exercise voting privileges at the Annual General Meeting, when matters concerning the operation of the society are decided. What is a Participation Assessment fee? In addition to annual Membership fees, the IFC BC charges a Participation Assessment fee on the income of the international financial business. Core members are invoiced at the end of March and pay on the financial year end completed closest to the invoice date. No. The only required report that is the Invoice form, which must be completed and returned to the IFC BC. Members self report their income and the fee; the IFC BC does not audit the records of the firm. The Province, however, has different requirements for reporting, which are detailed on the website of the BC Ministry of Small Business and Revenue. How is an Associate Member different than a Core Member? Core members are generally registered with the Province of British Columbia. An Associate member, on the other hand, is not registered but has an interest in the IFC BC. Many Associate members are from legal, accounting, and consulting organizations. Link here for information about membership in the IFC BC.
IFA Specialists How do I register as an IFA Specialist? Registration as an IFA Specialist takes place with the BC Ministry of Small Business and Revenue. Please access their website for more information. Does an IFA Specialist need to be a member of the IFC BC? No.
Other Why is it necessary to pay the provincial income tax before getting a refund? In British Columbia, taxes are collected on behalf of both federal and provincial taxing authorities at the same time, and prior to receiving the tax refund, proof must be provided that both federal and provincial income tax has been paid in full. How long does the registration process take? The length of time it takes to complete an application varies by company, but in general, the process can take about six to eight weeks. The application turnaround will, to a large extent, depend on the quality of the information the company sends in as well as the complexity of the registration request. For more information on Provincial registration, please visit the website of the BC Ministry of Small Business and Revenue.
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