Qualified Intellectual Property
A patent or a right to use patented information, a licence, a permit, know-how, a trade secret or other similar property constituting knowledge that:
- is acquired after December 3, 2018;
- is class 14, class 14.1 or class 44 property;
- is acquired by the partnership as part of a technology transfer, or is developed by the partnership, or on its behalf, in order to implement an innovation or an invention for its business;
- the partnership begins to use within a reasonable time after acquiring it or after its development is completed;
- is, for the time required to implement the innovation or invention ("implementation period"), used only in Québec and primarily in the course of a business carried on by the partnership or by a person not dealing at arm's length with the partnership who acquired the property by way of a transfer, an amalgamation or a winding-up;
- is not used, during the implementation period, to earn or produce gross income that is a rent or royalty;
- is not acquired from a person or partnership that is not dealing at arm's length with the partnership.
The term "qualified intellectual property" does not mean a trademark, an industrial design, a copyright or other similar property constituting the expression of knowledge.