For financial institutions with tax years commencing before 1 November 2021, the Corporation Capital Tax will apply.
Budget 2021-22 announced the Nova Scotia Financial Institutions Capital Tax (FICT). The FICT is in effect for tax years commencing 1 November 2021 and later.
The FICT is a tax on capital that applies to banks, loans and trust corporations having a permanent establishment in the province of Nova Scotia.
The FICT has a capital tax base that is harmonized with the federal government’s tax on capital of financial institutions.
The Financial Institutions Capital Tax (FICT) legislation (under the Income Tax Act, Part III) and regulations became effective 1 November 2021. Under harmonization, the administration of the FICT is the responsibility of Canada Revenue Agency (CRA).
Additional information for the FICT, including schedules for the capital tax return are available on the CRA website.