Published | Category : Income tax - businesses
Temporary Changes to the Tax Credit to Support Print Media Companies
Under certain conditions, an eligible corporation with a qualification certificate from Investissement Québec for purposes of the tax credit to support print media companies can claim the credit for qualified wages paid to eligible employees after December 31, 2018.
For a given taxation year, an eligible corporation can also claim the tax credit for part of the consideration paid to an eligible subsidiary for work done during a period included in the corporation's taxation year, which began after December 31, 2018, and ended before January 1, 2020. Specifically, it can claim the credit for the portion of the consideration that can reasonably be attributed to wages the subsidiary incurred and paid in respect of eligible employees for whom Investissement Québec issued the corporation a qualification certificate. The work must be related to information technology activities related to the production or dissemination of original written information content intended for dissemination in an eligible media of the eligible corporation.
The wages incurred and paid by the subsidiary in respect of an eligible employee cannot exceed the result of the following calculation: $75,000 multiplied by the number of days in the eligible corporation's taxation year after December 31, 2018, but before January 1, 2020, that the employee is considered an eligible employee, divided by 365. The tax credit rate is still 35%.
A corporation can also claim the credit as a member of a partnership.
For more information, see information bulletin 2019-11 published by the Ministère des Finances.