The Canadian Revenue Agency has published an updated income tax folio for principal-business corporations (PBC) in resource industries. The folio discusses the criteria for determining whether a corporation qualifies as a PBC, as well as the significance of PBC status and the related benefits, which include:
- Deduction for certain PBCs in respect of cumulative Canadian exploration expense (CEE);
- Deduction for certain PBCs that engage in trading in resource properties;
- Exemption from certain p…