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Published | Category : Income tax - businesses

Amendments Regarding the Refundable Tax Credit for Job Creation in Gaspésie and Certain Maritime Regions of Québec

Eligible sector of activity added for the urban agglomeration of Îles-de-la-Madeleine

The Act respecting the sectoral parameters of certain fiscal measures will be amended so that activities in the recreation and tourism sector carried on by a corporation in the territory of the urban agglomeration of Îles-de-la-Madeleine may be recognized by Investissement Québec for the purposes of the refundable tax credit for Gaspésie and certain maritime regions of Québec.

This amendment will apply as of the 2015 calendar year.

Extension of the eligibility period under the tax credit and other changes

The eligibility period under the tax credit will be extended through December 31, 2020.

In addition, tax legislation will be amended to standardize the terms for calculating the amount of the refundable tax credit applicable to the various sectors of activity.

Tax legislation will also be amended so that, when determining the amount of the tax credit of a qualified corporation for a taxation year in which a calendar year ends, the aggregate of the amounts, each of which represents the salary or wages paid to an employee of the corporation for a pay period ended in the calendar year, may not exceed $83,333, calculated annually.

These amendments will apply as of the 2016 calendar year.

Reduction of the tax credit rates

Tax legislation will be amended to reduce, from 16% to 15%, the rate used to determine the amount of the refundable tax credit with respect to recognized activities in the wind-power sector, manufacturing sector, peat or slate processing sector and marine products processing sector.

Similarly, tax legislation will be amended to reduce, from 32% to 30%, the rate used to determine the amount of the tax credit with respect to recognized activities in the marine biotechnology sector, mariculture sector and recreation and tourism sector.

These amendments will apply as of the 2016 calendar year.

Other measures

A corporation that qualifies for the tax holiday for large investment projects will not be able to benefit, in respect of the salary or wages paid to an employee for a pay period, from the tax assistance relative to the holiday from employer contributions to the health services fund and the refundable tax credit for the creation of jobs in Gaspésie and certain maritime regions of Québec.

This change will apply as of the 2016 calendar year.

For more information, see pages A.58 to A.61 of the document entitled Additional Information 2015-2016 (PDF – 1.96 MB), published by the Ministère des Finances.

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