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British Columbia Amends Rules for Non-Canadian Risks
Non-residents who wish to implement a risk
management program involving the use of captive insurance companies to
insure property situated, or events occurring outside of Canada should
now consider British Columbia as a comparable domicile for their captive
insurance company.
Effective April 1, 1998, amendments were
made to the International Financial Business (Tax Refund) Act that allow
British Columbia captives who insure prescribed risks of non-residents
of Canada relating to property situated or events occurring outside of
Canada, relief from income taxes payable to the Province of British Columbia.
This reduces the effective income tax rate to 29.12%.
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