Recovery window shrinks in BC
Today, BC’s Minister of Finance announced changes to the taxation legislation administered by the Ministry of Small Business and Revenue. What does this mean to organizations in BC? To recover taxes overpaid between May 1, 2001 and May 1, 2003, you must file a claim before April 30th. Otherwise, the government keeps your money.
Refund limitation period reduced
- Effective May 1, 2007, the limitation period for applying for a refund is reduced from 6 years to 4 years.
- All refund applications received on or by April 30, 2007 qualify for the six year limitation period.
- All refund applications received on or after May 1, 2007 will only be eligible for a refund of tax paid for a maximum of four years after the date on which tax was paid.