Acts and Regulations

87-141 - General

Full text
Current to 16 June 2023
NEW BRUNSWICK
REGULATION 87-141
under the
Financial Corporation Capital Tax Act
(O.C. 87-852)
Filed October 5, 1987
Under section 24 of the Financial Corporation Capital Tax Act, the Lieutenant-Governor in Council makes the following Regulation:
1This Regulation may be cited as the General Regulation - Financial Corporation Capital Tax Act.
2(1)In this section
“A” means the value of the amount taxable of a financial corporation that is used by the financial corporation in a jurisdiction outside New Brunswick;(A)
“aggregate amount of loans” means the aggregate of the amounts outstanding on loans made by a financial corporation that is a bank, as determined at the close of business on the last day of each month in a fiscal year, divided by twelve;(montant total des dépôts)
“amounts of deposits” means the aggregate of the amounts on deposit with a financial corporation that is a bank, as determined at the close of business on the last day of each month in a fiscal year, divided by twelve;(montants des dépôts)
“B” means the amount taxable;(B)
“C” means the aggregate of the salaries and wages paid in a fiscal year by a financial corporation that is a bank to employees of its permanent establishments in jurisdictions outside New Brunswick;(C)
“E” means the gross revenue of the permanent establishments of a financial corporation that is a trust company or loan company, in jurisdictions outside New Brunswick and is equal to the aggregate of the financial corporation’s gross revenue for a fiscal year arising from(E)
(a) loans secured by real property situated outside New Brunswick,
(b) loans not secured by real property and made to persons residing outside New Brunswick, and
(c) business conducted at the financial corporation’s permanent establishments in jurisdictions outside New Brunswick, other than revenue arising from loans;
“F” means the total gross revenue of a financial corporation that is a trust company or loan company, in all jurisdictions for a fiscal year;(F)
“S” means the aggregate of the salaries and wages paid in a fiscal year by a financial corporation that is a bank, to its employees in all jurisdictions;(S)
“Y” means the amount determined by multiplying by two the aggregate amount of loans made by, and the amount of deposits with, the permanent establishments of a financial corporation that is a bank, in jurisdictions outside New Brunswick in a fiscal year;(Y)
“Z” means the aggregate amounts of loans made by, and the amount of deposits with, a financial corporation that is a bank, in all jurisdictions in a fiscal year.(Z)
2(2)For the purposes of this section, deposits and loans do not include bonds, stocks, debentures, items in transit and deposits in favour of the Crown in right of Canada.
2(3)The value of the amount taxable of a financial corporation that is a trust company or loan company that is used by the financial corporation in a jurisdiction outside the Province shall be computed in accordance with the following formula:
A
=
B
×
E F
2(4)The value of the amount taxable of a financial corporation that is a bank that is used by the financial corporation in a jurisdiction outside New Brunswick shall be computed in accordance with the following formula:
2023, c.17, s.93
3The taxable paid-up capital employed in Canada of a non-resident financial corporation is its paid-up capital employed in Canada less ten million dollars.
4A financial corporation capital tax return shall be in Form 1.1.
2016-48; 2017-26
4.1A financial corporation shall keep any records, information, books or accounts pertaining to a return for a period of six years after the end of the fiscal year to which the return relates.
2003-41
4.2(1)The following definitions apply in this section.
“certificate” means a New Brunswick employment tax credit certificate issued under this section.(certificat)
“Chief Executive Officer” means the Chief Executive Officer of Opportunities NB.(directeur général)
“Opportunities NB” means Opportunities New Brunswick established under section 2 of the Opportunities New Brunswick Act.(Opportunités N.-B.)
4.2(2)At any time in a fiscal year and within six months after the close of its fiscal year, an eligible financial corporation may apply to the Chief Executive Officer of Opportunities NB for a New Brunswick employment tax credit certificate for that fiscal year.
4.2(3)An application for a certificate shall be made on a form provided by the Chief Executive Officer and accompanied by the information specified on the form.
4.2(4)The Chief Executive Officer may refuse to accept an application for a certificate if the application is incomplete.
4.2(5)The Chief Executive Officer or any person designated by him or her shall
(a) review the application for a certificate,
(b) determine whether the requirements in the Act and this Regulation have been met, and
(c) determine the number of eligible employees and the amount of their eligible salaries.
4.2(6)If the Chief Executive Officer determines that the requirements in the Act and this Regulation have been met, he or she may
(a) issue a certificate to the eligible financial corporation, and
(b) recommend to the Minister that an employment tax credit be applied against the tax payable by the eligible financial corporation under the Act.
4.2(7)The certificate and the recommendation to the Minister shall indicate the number of eligible employees and the amount of their eligible salaries.
4.2(8)The Chief Executive Officer or the Minister may revoke a certificate if the holder of the certificate does not meet the requirements in the Act and this Regulation.
4.2(9)An eligible financial corporation shall notify the Chief Executive Officer immediately of a change in the number of its eligible employees and their eligible salaries and the Chief Executive Officer shall notify the Minister immediately of the change.
2016-48
5This Regulation shall be deemed to have come into force on April 1, 1987
Form 1
Repealed: 2016-48
2016-48
Schedule 1
Repealed: 2016-48
2016-48
Schedule 2 and Schedule 3
Repealed: 2016-48
2016-48
Schedule 4
Repealed: 2016-48
2016-48
Schedule 5
Repealed: 2016-48
2016-48
N.B. This Regulation is consolidated to June 16, 2023.