Published | Category : Income tax - businesses
Changes Made to the Refundable Tax Credits Designed to Promote the Creation of New Financial Services Corporations
The Act respecting the sectoral parameters of certain fiscal measures will be amended to provide that, in order to obtain a qualification certificate for purposes of the refundable tax credits designed to promote the creation of new financial services corporations, a corporation must show that none of its activities is the continuation, in whole or in part, of an activity previously engaged in by another person or a partnership.
Also, a corporation that has a valid qualification certificate for purposes of the above-mentioned tax credits will have to show the Minister of Finance that all the activities it carried on throughout the taxation year or the part of the taxation year (as applicable) for which an application for a certificate is made constitute activities that were not previously engaged in by another person or a partnership. Otherwise, an annual certificate will not be issued.
The amendments to the Act will be declaratory in nature.
For more information, see pages A.110 to A.112 of the document entitled Additional Information 2015-2016 (PDF – 1.96 MB), published by the Ministère des Finances.