Article content

The B.C. Court of Appeal has directed the provincial government to reconsider TD Bank’s claim for a $2.8 million tax rebate under a little-known program designed to attract international financial companies to B.C.

The rebate that TD is claiming is under the International Business Activity Act, a program thrust into B.C.’s election spotlight this week with a New York Times report that questions the 29-year-old program’s job creation results, transparency, and benefits to B.C. residents. The Times reported the program has cost $140 million in tax refunds and created up to 300 jobs.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or B.C. must reconsider refusal to rebate $2.8 million to TD Bank under little-known tax program Back to video

B.C. Premier Christy Clark has defended the program – which was also operated under an B.C. NDP government – saying it is a way to attract head offices from around the world to B.C.

An April 21, 2017 ruling from the B.C. Court of Appeal says B.C.’s commissioner of income tax was “unreasonable” to deny TD an extension for its tax return under the program, filed in 2014. B.C.’s government had judged that TD’s claim arrived one day late, and therefore the rebate would be “nil.”