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Québec Budget of May 24, 2007: Measures concerning corporations

In the Budget Speech of May 24, 2007, the Québec Minister of Finance, Monique Jérôme-Forget, confirmed that the government would be maintaining all of the measures announced in the Budget of February 20, 2007.

However, the tax on capital (except the tax on capital applicable to insurance corporations and life insurers) will be gradually reduced. It will be eliminated on January 1, 2011. The capital tax credit, which is based on the tax on capital payable, will also be withdrawn on January 1, 2011. More specifically, corporations will not be entitled to the capital tax credit for taxation years beginning after December 31, 2010.

Rate of the tax on capital
Note: The rate reductions will take effect on January 1 of each year.
Current 2008 2009 2010 2011
Corporations that are not financial institutions 0.49 0.36 0.24 0.12 0
Financial institutions 0.98 0.72 0.48 0.24 0

For further information, see page A.11 in Additional Information on the Budgetary Measures, published by the Ministère des Finances.

Refundable tax credit for processing activities in resource regions

As of calendar year 2008, an annual indexing factor of 2% will be taken into account in the calculation of this tax credit.

For further information, see page A.19 in Additional Information on the Budgetary Measures, published by the Ministère des Finances.

Increase in the tax rate of financial institutions and oil refining corporations

In a statement made on June 1, 2007, the Minister of Finance announced an increase in the tax rate of certain corporations. The tax rate applicable to financial institutions and oil refining corporations was raised by two percentage points, from 9.9% to the current rate of 11.9%. The increase came into effect on June 1, 2007.

For further information, see Information Bulletin 2007-3, published by the Ministère des Finances.

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