Published | Category: Income tax - businesses

Refundable Tax Credits Aimed at Encouraging the Creation of New Financial Services Corporations

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.

Last Updated: