Logging Tax Return of Income for Processors (FIN 542P)
You must complete and file the Logging Tax Return of Income for Processors if you process B.C. logs into primary or secondary forest products (e.g. lumber, shakes, shingles, poles, pulp, paper.) You must also include on this form any income from the sale of B.C. logs, standing timber, timber rights, or the export of logs.
If you don’t process B.C. logs you cannot use this form. Instead you must file the Logging Tax Return of Income (FIN 542S) 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.