This consolidation is unofficial and is for reference only. For the official version of the regulations, consult the original documents on file with the Registry of Regulations, or refer to the Royal Gazette Part II. Regulations are amended frequently. Please check the list of Regulations by Act to see if there are any recent amendments to these regulations filed with the Registry that are not yet included in this consolidation. Although every effort has been made to ensure the accuracy of this electronic version, the Registry of Regulations assumes no responsibility for any discrepancies that may have resulted from reformatting. This electronic version is copyright © 2009, Province of Nova Scotia, all rights reserved. It is for your personal use and may not be copied for the purposes of resale in this or any other form.
Corporation Capital Tax Regulations made under Section 59 of the
Corporation Capital Tax Act
R.S.N.S. 1989, c. 99
O.I.C. 86-1272 (October 28, 1986), N.S. Reg. 261/86
as amended by O.I.C. 95-700 (September 19, 1995), N.S. Reg. 148/951 These regulations may be cited as the Corporation Capital Tax Regulations.
2 The rate of interest payable with respect to any unpaid amount or refunds of any overpayment pursuant to the Corporation Capital Tax Act shall be equal to the rate of interest payable to the Receiver General for Canada or to be applied on an amount payable by the Minister of Revenue for Canada to a taxpayer pursuant to regulation 4301 of the Income Tax Act (Canada).
Section 2 replaced: O.I.C. 95-700, N.S. Reg. 148/95.Section 3 repealed: O.I.C. 95-700, N.S. Reg. 148/95.
4 (1) The amount taxable of a bank in a taxation year in the Province is 1/3 of the aggregate of
(a) that proportion of its taxable paid up capital for the year that the aggregate of the salaries and wages paid in the year by the bank to employees of its permanent establishments in the Province (other than salaries and wages paid to employees that supply telecommunication and telephone services that entitle the bank to a rebate of health services tax pursuant to subsection 12(6A) of the Health Services Tax Act Regulations) is of the aggregate of all salaries and wages paid in the year by the bank (other than salaries and wages paid to employees that supply telecommunication and telephone services that entitle the bank to a rebate of health services tax pursuant to subsection 12(6A) of the Health Services Tax Act Regulations); and
[Note: Effective April 1, 1996, the Health Services Tax Act Regulations are repealed by the Revenue Act Regulations, N.S. Reg. 63/96, made under the Revenue Act.](b) twice that proportion of its taxable paid up capital for the year that the aggregate amount of loans and deposits of its permanent establishment[s] in the Province for the year is of the aggregate amount of all loans and deposits of the bank for the year.
(2) For the purposes of subsection (1), the amount of loans for a taxation year is 1/12 of the aggregate of the amounts outstanding, on the loans made by the bank, at the close of business on the last day of each month in the year.
(3) For the purposes of subsection (1), the amount of deposits for a taxation year is 1/12 of the aggregate of the amounts on deposit with the bank at the close of business on the last day of each month in the year.
(4) For the purposes of subsections (2) and (3), loans and deposits do not include bonds, stocks, debentures, items in transit and deposits in favour of Her Majesty in right of Canada.
Section 4 replaced: O.I.C. 95-700, N.S. Reg. 148/95.4A (1) The amount taxable of a trust and loan corporation, trust corporation or loan corporation in the Province is that proportion of its taxable paid up capital for the year that the gross revenue for the year of its permanent establishment[s] in the Province is of the total gross revenue for the year of the corporation.
(2) In subsection (1), "gross revenue for the year of its permanent establishment[s] in the Province" means the aggregate of the gross revenue of the corporation for the year arising from
(a) loans secured by lands situated in the Province;
(b) loans, not secured by land, to persons residing in the Province;
(c) loans
(i) to persons residing in a province or country, other than Canada, in which the corporation has no permanent establishment, and
(ii) administered by a permanent establishment in the Province,
except loans secured by land situated in a province or country, other than Canada, in which the corporation has a permanent establishment; and
(d) business conducted at
the[a] permanent establishment in the Province, other than revenue in respect of loans.(3) This Section shall be applicable to the 1994 taxation year and subsequent years.
Section 4A added: O.I.C. 95-700, N.S. Reg. 148/95.5 For the purposes of the Act and these regulations,
(a) a Corporation Capital Tax Return shall be in the form of Schedule 1;
(b) a Computation of Taxable Paid-up Capital shall be in the form of Schedule 2;
(c) a Nova Scotia Amount Taxable for a Bank shall be in the form of Schedule 3;
(d) a Nova Scotia Amount Taxable for a Trust and Loan Company shall be in the form of Schedule 4; and
(e) an Aggregate Amount of Loans and Amounts of Deposits shall be in the form of Schedule 5.
6 These regulations are and are deemed to have been in force on, from and after the first day of June, 1986, and shall accordingly be read, construed, interpreted and given effect on, from and after that day.
Nova Scotia Department of Finance
Revenue Division
P.O. Box 187
Halifax, Nova Scotia
B3J 2N3Corporation Capital Tax Return
(Pursuant to the Corporation Capital Tax Act)
Schedule 1 PLEASE READ THE ACCOMPANYING SHEET BEFORE COMPLETING THIS RETURN
Fiscal Year End
Day / Month / Year
Date Due
Day / Month / Year
Account Number
Corporation Name _______________________________________ Mailing Address: Street, P.O. Box _______________________________________ City _______________________________________ Province _________________ Postal Code ____________ Address of Principal Place of Business
in Nova Scotia_______________________________________
_______________________________________Official to contact and telephone number _______________________________________ City and Jurisdiction of Head Office _______________________________________ Calculation of Corporations Capital Tax
(Taxable Capital
as determined in
Schedule 2) $ _____ x (Rate) 1.5% x(No. of days in
Fiscal Year) _____/365 = TAX PAYABLE$____________ LESS: Amount Paid by installments $____________ BALANCE $____________
REFUND $ REMITTANCE $ __ Claimed
€ Apply to Subsequent Year__ Submitted with Return Certification
Official's Name (in block letters) _______________________________________ Rank of Officer _______________________________________ Full Resident Address _______________________________________
_______________________________________I am authorized signing officer of the corporation. I certify that this return including accompanying schedules and statements has been examined by me and is a true and complete return. I further certify that the allocation of the taxable capital as set out in Schedule 2 of this return has been made in accordance with the provisions of the Corporations Capital Tax Act, and Regulations.
Date _____________________________ Signature _________________________________
Computation of taxable paid-up capital Schedule 2
1. Paid-up capital stock (net of premium and/or discount) $_________________ 2. (Banks only) - General Reserve
- Appropriation for Contingencies$_________________
$_________________Surpluses 3. Earned (if deficit deduct) $_________________ 4. Capital $_________________ 5. Appraisal $_________________ 6. Contributed $_________________ 7. Other (specify) $_________________ Reserves 8. Special reserve as per balance sheet; include the amount of the reserve deducted from income under paragraph 20(1)(n) and sub-paragraph 40(1)(a)(iii) of the Income Tax Act (Canada) $_________________ 9. Contingent and other like reserves $_________________ 10. Deferred income taxes and other deferred taxes payable $_________________ 11. Reserves, the excess of which are not allowed as a deduction from taxable income - include the amount by which Undepreciated Capital costs of depreciable assets for income tax purposes exceeds Net Book Value excluding appraisals $_________________ Total paid-up capital $_________________ LESS: Standard exemption ($500,000.00 or $2,000,000.00 (whichever is applicable) $_________________ Taxable paid-up capital (all jurisdictions) $_________________ Percentage of amount taxable used by corporation in Nova Scotia (Schedule 3 for banks or Schedule 4 for a trust and loan company as applicable) $_________________ Taxable capital used by corporation (in Nova Scotia) $_________________
Nova Scotia amount taxable for a bank Schedule 3
Aggregate of the salaries and wages paid in a fiscal year by a bank to employees of its permanent establishments in jurisdictions outside Nova Scotia. $_____________ A Aggregate of the salaries and wages paid in a fiscal year by a bank to its employees in all jurisdictions. $_____________ B A ÷ B = C $____________% C Aggregate amount of loans made by the permanent establishments of a bank in jurisdictions outside Nova Scotia in a fiscal year.
(A from Schedule 5) _______________ x 2 = D$_____________ D Aggregate amount of deposits with the permanent establishments of a bank in jurisdictions outside Nova Scotia in a fiscal year.
(C from Schedule 5) _______________ x 2 = E$_____________ E D + E = F $_____________ F Aggregate amount of loans made by, and the amount of deposits with, a bank in all jurisdictions for a fiscal year.
(B + D from Schedule 5)$_____________ G F ÷ G = H $____________% H Percentage of amount taxable that is used by the bank in jurisdictions outside the province.
(C + H) = I$____________% I Percentage of amount taxable used by the bank in Nova Scotia
100% - I = J$___________ % J
Transfer figure on line J to Schedule 2
Nova Scotia amount taxable for a trust and loan company Schedule 4
Gross revenue for a fiscal year arising from loans secured by real property situated outside Nova Scotia. $_____________ A Gross revenue for a fiscal year arising from loans not secured by real property and made to persons residing outside Nova Scotia. $_____________ B Gross revenue for a fiscal year arising from business conducted at the corporation's permanent establishments in jurisdictions outside Nova Scotia other than revenue arising from loans. $_____________ C A + B + C = D $_____________ D Total Gross revenues of a corporation in all jurisdictions for a fiscal year. $_____________ E Percentage of amount taxable used by corporation in jurisdictions outside the Province. D ÷ E = F $___________ % F Percentage of amount taxable used in Nova Scotia 100% - F = G $___________ % G
Transfer figure on line G to Schedule 2
Aggregate amount of loans and amount of deposits Schedule 5
Amounts outstanding on Loans made by a bank (Note 1) Amounts on Deposit with a bank (Note 1) Outside N.S. All Jurisdictions Outside N.S. All Jurisdictions 1st month end 2nd month end 3rd month end 4th month end 5th month end 6th month end 7th month end 8th month end 9th month end 10th month end 11th month end 12th month end Total Total 12 A B C D Transfer totals to appropriate lines on Schedule 3
Note 1 -
-"loans" does not include bonds, stocks, debentures, items in transit and deposits in favour of Her Majesty in right of Canada.
"deposits" does not include bonds, stocks, debentures, items in transit and deposits in favour of Her Majesty in right of Canada.[Note: Effective October 22, 2013, the reference in the Corporation Capital Tax Return form to the Department of Finance should be read as a reference to the Department of Finance and Treasury Board in accordance with Order in Council 2013-348 under the Public Service Act, R.S.N.S. 1989, c. 376.]