The International Financial Centre BC (IFC BC) is not a financial institution. As such, the IFC BC would never contact an individual to notify them of funds on deposit through winnings, inheritance, or anything of that nature.

British Columbia offers companies a unique opportunity to increase profitability. By locating an International Financial Business (IFB) in British Columbia, a company can receive a refund of British Columbia taxes paid on the net income of the IFB. Companies gain the advantage of outsourcing functions to a near-shore or on-shore location with an off-shore tax structure and without incurring the associated risks or unexpected costs.

Increased Profits

Locating an international financial business in British Columbia increases profits. Through the International Financial Activity (IFA) program, British Columbia provides a refund of provincial income tax paid on income earned in conducting international financial business.

What makes BC’s program unique?

• In most cases, non-arm’s length transactions as well as arm’s length transactions qualify. This includes intra-corporate lending and borrowing, for example.
• A company can locate anywhere in the province to be eligible for registration. Vancouver is only one of many thriving cities for a business to consider as a location for investment.
• A company does not need to be a financial institution to apply.  Qualifying activities go beyond traditional banking functions and comprise many of the financial activities, such as Treasury, that are an essential part of the business.

What activities qualify as an IFB?

Several activities qualify as international financial activities if carried out for, with or on behalf of a non-resident:

• Head Office
• Treasury
• Factoring
• Administrative Services
• Patents
• Financial Activities
• Film Distribution
• Other Activities

The IFA Program is the tax refund program offered to eligible corporations locating in BC. The legislative framework for the IFA Program is provided by the International Financial Activity Act (IFAA). The IFA Program is administered by the BC Ministry of Small Business and Revenue. It came into effect in 2004, replacing the International Financial Business (Tax Refund) Act (1988). Further details on the IFA program can be found in Bulletin IFA 001, International Financial Activity Overview.

Budget 2008: Improving British Columbia's Competitiveness

The 2008 Budget introduced several measures to make BC a better place to do business, including expanding the IFAA, phasing out the capital tax, and lowering the corporate tax rate. For more information, read ITB Budget Bulletin issued in February 2008.