What is the time limit for making a claim with CRA for the PSTC?
For taxation years beginning on or after February 19, 2020, the claim form (T1197), accreditation certificate and T2 must be filed with the Canada Revenue Agency (CRA) within 18 months from the end of the tax year in which the PSTC is being claimed. The CRA will not process claims that are filed late.
For example, a production company’s taxation year starts on April 1, 2020. The company’s fiscal year end is March 31, 2021. The production company has until September 30, 2022, to claim the tax credits with CRA related to BC labour expenditures incurred in that fiscal year. This would be Claim 1.
If the production company continued to incur qualified BC labour expenditures for a production until May 31, 2021, the tax credits for the fiscal year ending March 31, 2022 must be claimed with CRA by September 30, 2023. This would be Claim 2.
** Please note that for taxation years beginning before February 19, 2020, the filing period with CRA is 36 months from the fiscal year end of the production corporation.