Financial Institutions Capital Tax
Financial Institutions Capital Tax is in effect for tax years starting 1 November 2021 and later.
The Nova Scotia Financial Institutions Capital Tax (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 tax is in effect for tax years commencing 1 November 2021 and later.
The Financial Institutions Capital Tax has a capital tax base that is harmonized with the federal government’s tax on capital of financial institutions.
The Financial Institutions Capital Tax 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.
Additional information for the Financial Institutions Capital Tax, including schedules for the capital tax return are available through Canada Revenue Agency.
Corporation Capital Tax
For financial institutions with tax years commencing before 1 November 2021, the Corporation Capital Tax will apply.