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Tax Holiday for Foreign Specialists Employed by a New Financial Services Corporation

A tax holiday will be introduced to foster the hiring of foreign employees specialized in the field of finance.

A foreign specialist is an individual regarding whom the Minister of Finance has issued a certificate to the effect that such individual is a professional with a high level of expertise in the field of finance whose duties are related to the carrying out of the activities stipulated in the qualification certificate of a corporation that is a qualified corporation for the purposes of the refundable tax credit for the hiring of employees by new financial services corporations.

This tax holiday will last for five years, beginning on the date that, for the first time, the foreign specialist commenced employment in the course of a job allowing the individual to claim one of the various tax holidays granted to certain foreign employees. The percentage of tax assistance of this tax holiday will gradually decline during this five-year period.

Thus, the amount that an individual may deduct in calculating taxable income during this continuous period of five years will correspond to a percentage of his or her salary equal to

  • 100% for the first and second years;
  • 75% for the third year;
  • 50% for the fourth year; and
  • 25% for the fifth year.

The tax legislation also stipulates that such individual must not reside in Canada immediately before entering into an employment contract or immediately before commencing his or her employment with the qualified corporation or, if applicable, before entering into an employment contract or immediately before commencing his or her employment with another eligible employer for the purposes of a tax holiday, according to the usual rules.

An individual can receive this tax holiday, for a taxation year, once he or she commences employment with an eligible corporation, after March 20, 2012, under an employment contract entered into after that day.

If you employ such a foreign specialist, you must take into account this deduction when calculating his or her remuneration subject to source deductions of income tax.

For more information, see page 48 in Additional Information on the Fiscal Measures of the Budget, published by the Ministère des Finances.

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