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Corporation Capital Tax

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Understand Corporation Capital Tax

Corporation Capital Tax (CCT) is imposed on financial institutions and commercial Crown corporations which have paid-up capital in excess of $10 million. An additional exemption of $10 million is available based upon the proportion of total salaries and wages that are paid in Saskatchewan by a taxable corporation divided by the salaries and wages of the corporation and all its associated corporations.

In addition, large resource corporations are subject to a Resource Surcharge on the value of resource sales of oil, natural gas, potash, uranium, and coal in Saskatchewan.

Tax Rates

Financial Institutions

Crown Corporations

The CCT rate for federal and provincial commercial Crown corporation is 0.6 per cent of all taxable paid-up capital allocated to Saskatchewan.

Resource Corporations

For resource corporations, the Resource Surcharge rate is 3.0 per cent of the value of sales of all potash, uranium, and coal produced in Saskatchewan, and oil and natural gas produced from wells drilled in Saskatchewan prior to October 1, 2002.

For oil and natural gas produced from wells drilled in Saskatchewan after September 30, 2002, the Resource Surcharge rate is 1.7 per cent of the value of sales. The Resource Surcharge applies to resource trusts in addition to resource corporations.

File a Corporation Capital Tax Return

Overview

Corporations with a permanent establishment in Saskatchewan that have taxable paid-up capital or a value of resource sales must file a return and pay any balance of tax owing within six months following the close of the fiscal year.

Eligibility

Corporations which have paid-up capital in excess of $10 million are required to file a Corporation Capital Tax return. General corporations with a fiscal year beginning after June 30, 2008 which are not a financial institution, a crown corporation or a resource corporation are not required to file a Corporation Capital Tax return.

Resource corporations are subject to a Corporation Capital Tax Resource Surcharge. A “resource corporation” is defined as:

1. A corporation that has a value of resource sales and which has taxable paid-up capital after deducting the $10 million standard exemption, the additional exemption, goodwill allowance, and the investment allowance but not the deferred exploration and development expenses; or
2. A resource corporation that has assets in excess of $100 million (including assets of all associated corporations).

Resource corporations are required to complete all sections of the return for verification purposes to ensure only those corporations which meet the definition of a resource corporation are liable to pay the tax.

How to Apply

Your Corporation Capital Tax return is due within six months from the close of your corporation’s fiscal year. Amalgamations also require that a Saskatchewan Corporation Capital tax return be filed for the date prior to when the amalgamation occurred. If you company has amalgamated with another company who also has a corporation capital tax number, we request that you inform us which account number you would like to continue filing under.

There are several ways to file your CCT return:

1. File using Saskatchewan eTax Service (SETS), which is an online service that offers a secure, fast and convenient way to file your CCT return.

1. File CCT returns by mail:
   • Forward a completed and signed return along with the relevant back-up to: Ministry of Finance Revenue Division PO Box 200 Regina, SK S4P 2Z6

There are several ways to pay any balance of tax owing:

1. Make a payment using Saskatchewan eTax Service (SETS) which is an online service that offers a secure, fast and convenient way to pay your Corporation Capital Tax liability.
2. Make payments through internet banking or through some chartered banks in Canada.
3. Mail or courier payments to the Ministry of Finance.
4. Wire payments to the Ministry of Finance.

CCT Return Forms