Logging Tax Return of Income (FIN 542S)
You must complete and file the Logging Tax Return of Income if you have income from:
- The sale of B.C. logs
- The sale of standing timber
- The sale of timber rights
- The export of logs
If you also process B.C. logs into forest products you cannot use this form. Instead you must file the Logging Tax Return of Income for Processors (FIN 542P) to report all of your income from logging operations.
The tax return must be filed within six months after the end of the tax year in which the logging operations occurred. If the due date falls on a weekend or B.C. statutory holiday, it’s due on the next business day.
Make sure that you sign the tax return and include:
- A copy of your federal income tax return and financial statements
- The payment if the return indicates a balance of tax owing
If your tax return and payment aren’t received on time, penalties and interest will be charged.