Revenu Québec Infos

On May 17, 2017, a new refundable tax credit for the restoration of secondary residences (cottages) damaged by the severe flooding that hit a number of Québec municipalities from April 5 to May 16, 2017, was announced.

This tax credit, which may be up to $18,000, is intended for individuals who have a contractor carry out post-disaster clean-up work, preservation work or repair work necessary to restore a site to its former state.

Individuals will be able to, under certain conditions, apply for advance payments of the tax credit. An application form will soon be available.

For more information, refer to Information Bulletin 2017-7 published by the Ministère des Finances du Québec.

To reflect the fact that Capital régional et coopératif Desjardins intends to raise its total investments in the Société en commandite Essor et Coopération from $40 million to $85 million, its constituting act will be amended.

The amendments will apply to fiscal years beginning after December 31, 2016.

For more information, see pages A.56 to A.58 of the Additional Information 2017-2018 (PDF – 2.71 MB) published by the Ministère des Finances.

To reflect the fact that Capital régional et coopératif Desjardins intends to raise its total investments in the Société en commandite Essor et Coopération from $40 million to $85 million, its constituting act will be amended.

The amendments will apply to fiscal years beginning after December 31, 2016.

For more information, see pages A.56 to A.58 of the Additional Information 2017-2018 (PDF – 2.71 MB) published by the Ministère des Finances.

To reflect the fact that Capital régional et coopératif Desjardins intends to raise its total investments in the Société en commandite Essor et Coopération from $40 million to $85 million, its constituting act will be amended.

The amendments will apply to fiscal years beginning after December 31, 2016.

For more information, see pages A.56 to A.58 of the Additional Information 2017-2018 (PDF – 2.71 MB) published by the Ministère des Finances.

To reflect the fact that Capital régional et coopératif Desjardins intends to raise its total investments in the Société en commandite Essor et Coopération from $40 million to $85 million, its constituting act will be amended.

The amendments will apply to fiscal years beginning after December 31, 2016.

For more information, see pages A.56 to A.58 of the Additional Information 2017-2018 (PDF – 2.71 MB) published by the Ministère des Finances.

Two changes will be made to tax legislation in order to extend the application period of the compensation tax and maintain the rates of the compensation tax at their current level for an additional five-year period.

Extension of the application period

It was previously provided that the compensation tax for financial institutions would be eliminated as of March 31, 2019. This period has been extended by five years.

Consequently, the application period for the compensation tax for financial institutions is extended to March 31, 2024.

Maintenance of rates

The current compensation tax rates are maintained for an additional period of five years and will continue to apply until March 31, 2022.

The 2.8%, 2.2%, 0.9% and 0.3% compensation tax rates initially prescribed for the period beginning on April 1, 2017, will apply to their respective tax bases for the period from April 1, 2022, to March 31, 2024.

For more information, see pages A.59 to A.61 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Two changes will be made to tax legislation in order to extend the application period of the compensation tax and maintain the rates of the compensation tax at their current level for an additional five-year period.

Extension of the application period

It was previously provided that the compensation tax for financial institutions would be eliminated as of March 31, 2019. This period has been extended by five years.

Consequently, the application period for the compensation tax for financial institutions is extended to March 31, 2024.

Maintenance of rates

The current compensation tax rates are maintained for an additional period of five years and will continue to apply until March 31, 2022.

The 2.8%, 2.2%, 0.9% and 0.3% compensation tax rates initially prescribed for the period beginning on April 1, 2017, will apply to their respective tax bases for the period from April 1, 2022, to March 31, 2024.

For more information, see pages A.59 to A.61 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Two changes will be made to tax legislation in order to extend the application period of the compensation tax and maintain the rates of the compensation tax at their current level for an additional five-year period.

Extension of the application period

It was previously provided that the compensation tax for financial institutions would be eliminated as of March 31, 2019. This period has been extended by five years.

Consequently, the application period for the compensation tax for financial institutions is extended to March 31, 2024.

Maintenance of rates

The current compensation tax rates are maintained for an additional period of five years and will continue to apply until March 31, 2022.

The 2.8%, 2.2%, 0.9% and 0.3% compensation tax rates initially prescribed for the period beginning on April 1, 2017, will apply to their respective tax bases for the period from April 1, 2022, to March 31, 2024.

For more information, see pages A.59 to A.61 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Two changes will be made to tax legislation in order to extend the application period of the compensation tax and maintain the rates of the compensation tax at their current level for an additional five-year period.

Extension of the application period

It was previously provided that the compensation tax for financial institutions would be eliminated as of March 31, 2019. This period has been extended by five years.

Consequently, the application period for the compensation tax for financial institutions is extended to March 31, 2024.

Maintenance of rates

The current compensation tax rates are maintained for an additional period of five years and will continue to apply until March 31, 2022.

The 2.8%, 2.2%, 0.9% and 0.3% compensation tax rates initially prescribed for the period beginning on April 1, 2017, will apply to their respective tax bases for the period from April 1, 2022, to March 31, 2024.

For more information, see pages A.59 to A.61 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Two changes will be made to tax legislation in order to extend the application period of the compensation tax and maintain the rates of the compensation tax at their current level for an additional five-year period.

Extension of the application period

It was previously provided that the compensation tax for financial institutions would be eliminated as of March 31, 2019. This period has been extended by five years.

Consequently, the application period for the compensation tax for financial institutions is extended to March 31, 2024.

Maintenance of rates

The current compensation tax rates are maintained for an additional period of five years and will continue to apply until March 31, 2022.

The 2.8%, 2.2%, 0.9% and 0.3% compensation tax rates initially prescribed for the period beginning on April 1, 2017, will apply to their respective tax bases for the period from April 1, 2022, to March 31, 2024.

For more information, see pages A.59 to A.61 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Changes have been made concerning:

• the period during which applications can be made for corporation qualification certificates; and
• the nature of the expenses eligible for tax assistance.

Extension of the time limit for submitting an application for a corporation qualification certificate

This time limit is extended by five years so that an application for a corporation qualification certificate can be submitted to the Minister of Finance no later than December 31, 2022.

Addition to eligible expenses

The following two new eligible expenses have been added:

• fees relating to the constitution of a prospectus required by a recognized regulatory or self-regulatory organization of a financial market; and
• fees paid to a compliance consultant to ensure compliance with the requirements of a recognized regulatory or self-regulatory organization of a financial market.

These expenses must be directly attributable to the eligible activities of the corporation in order to be eligible.

These changes apply in respect of expenses incurred by a qualified corporation for a taxation year included, in whole or in part, in the period of validity of its corporation qualification certificate and after March 28, 2017.

For more information, see pages A.49 to A.51 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Changes have been made concerning:

• the period during which applications can be made for corporation qualification certificates; and
• the nature of the expenses eligible for tax assistance.

Extension of the time limit for submitting an application for a corporation qualification certificate

This time limit is extended by five years so that an application for a corporation qualification certificate can be submitted to the Minister of Finance no later than December 31, 2022.

Addition to eligible expenses

The following two new eligible expenses have been added:

• fees relating to the constitution of a prospectus required by a recognized regulatory or self-regulatory organization of a financial market; and
• fees paid to a compliance consultant to ensure compliance with the requirements of a recognized regulatory or self-regulatory organization of a financial market.

These expenses must be directly attributable to the eligible activities of the corporation in order to be eligible.

These changes apply in respect of expenses incurred by a qualified corporation for a taxation year included, in whole or in part, in the period of validity of its corporation qualification certificate and after March 28, 2017.

For more information, see pages A.49 to A.51 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Changes have been made concerning:

• the period during which applications can be made for corporation qualification certificates; and
• the nature of the expenses eligible for tax assistance.

Extension of the time limit for submitting an application for a corporation qualification certificate

This time limit is extended by five years so that an application for a corporation qualification certificate can be submitted to the Minister of Finance no later than December 31, 2022.

Addition to eligible expenses

The following two new eligible expenses have been added:

• fees relating to the constitution of a prospectus required by a recognized regulatory or self-regulatory organization of a financial market; and
• fees paid to a compliance consultant to ensure compliance with the requirements of a recognized regulatory or self-regulatory organization of a financial market.

These expenses must be directly attributable to the eligible activities of the corporation in order to be eligible.

These changes apply in respect of expenses incurred by a qualified corporation for a taxation year included, in whole or in part, in the period of validity of its corporation qualification certificate and after March 28, 2017.

For more information, see pages A.49 to A.51 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Changes have been made concerning:

• the period during which applications can be made for corporation qualification certificates; and
• the nature of the expenses eligible for tax assistance.

Extension of the time limit for submitting an application for a corporation qualification certificate

This time limit is extended by five years so that an application for a corporation qualification certificate can be submitted to the Minister of Finance no later than December 31, 2022.

Addition to eligible expenses

The following two new eligible expenses have been added:

• fees relating to the constitution of a prospectus required by a recognized regulatory or self-regulatory organization of a financial market; and
• fees paid to a compliance consultant to ensure compliance with the requirements of a recognized regulatory or self-regulatory organization of a financial market.

These expenses must be directly attributable to the eligible activities of the corporation in order to be eligible.

These changes apply in respect of expenses incurred by a qualified corporation for a taxation year included, in whole or in part, in the period of validity of its corporation qualification certificate and after March 28, 2017.

For more information, see pages A.49 to A.51 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

Changes have been made concerning: 

• the period during which applications can be made for corporation qualification certificates; and
• the nature of the expenses eligible for tax assistance.

Extension of the time limit for submitting an application for a corporation qualification certificate

This time limit is extended by five years so that an application for a corporation qualification certificate can be submitted to the Minister of Finance no later than December 31, 2022.

Addition to eligible expenses

The following two new eligible expenses have been added: 

• fees relating to the constitution of a prospectus required by a recognized regulatory or self-regulatory organization of a financial market; and
• fees paid to a compliance consultant to ensure compliance with the requirements of a recognized regulatory or self-regulatory organization of a financial market.

These expenses must be directly attributable to the eligible activities of the corporation in order to be eligible.

These changes apply in respect of expenses incurred by a qualified corporation for a taxation year included, in whole or in part, in the period of validity of its corporation qualification certificate and after March 28, 2017.

For more information, see pages A.49 to A.51 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

To recognize that the cost of living in certain areas is higher than elsewhere because of their remote location, the tax system grants residents of these areas a special deduction in the calculation of their income.

The amount of the deduction an individual can claim depends on where the individual lives. The deduction is granted in full to residents of northern zones but is reduced by 50% for residents of intermediate zones.

The Îles-de-la-Madeleine are currently considered an intermediate zone. As of the 2017 taxation year, they will be considered a northern zone.

For more information, see pages A.22 and A.23 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

To recognize that the cost of living in certain areas is higher than elsewhere because of their remote location, the tax system grants residents of these areas a special deduction in the calculation of their income.

The amount of the deduction an individual can claim depends on where the individual lives. The deduction is granted in full to residents of northern zones but is reduced by 50% for residents of intermediate zones.

The Îles-de-la-Madeleine are currently considered an intermediate zone. As of the 2017 taxation year, they will be considered a northern zone.

For more information, see pages A.22 and A.23 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

To recognize that the cost of living in certain areas is higher than elsewhere because of their remote location, the tax system grants residents of these areas a special deduction in the calculation of their income.

The amount of the deduction an individual can claim depends on where the individual lives. The deduction is granted in full to residents of northern zones but is reduced by 50% for residents of intermediate zones.

The Îles-de-la-Madeleine are currently considered an intermediate zone. As of the 2017 taxation year, they will be considered a northern zone.

For more information, see pages A.22 and A.23 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

To recognize that the cost of living in certain areas is higher than elsewhere because of their remote location, the tax system grants residents of these areas a special deduction in the calculation of their income.

The amount of the deduction an individual can claim depends on where the individual lives. The deduction is granted in full to residents of northern zones but is reduced by 50% for residents of intermediate zones.

The Îles-de-la-Madeleine are currently considered an intermediate zone. As of the 2017 taxation year, they will be considered a northern zone.

For more information, see pages A.22 and A.23 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.

To recognize that the cost of living in certain areas is higher than elsewhere because of their remote location, the tax system grants residents of these areas a special deduction in the calculation of their income.

The amount of the deduction an individual can claim depends on where the individual lives. The deduction is granted in full to residents of northern zones but is reduced by 50% for residents of intermediate zones.

The Îles-de-la-Madeleine are currently considered an intermediate zone. As of the 2017 taxation year, they will be considered a northern zone.

For more information, see pages A.22 and A.23 of the Additional Information 2017-2018 (PDF – 2.71 MB), published by the Ministère des Finances.