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Elimination of the Temporary Increase in the Compensation Tax for Certain Financial Institutions

The 0.9% temporary increase in the compensation tax applicable to salaries and wages paid by a financial institution has been eliminated retroactively to January 1, 2013, for certain financial institutions.

As a result, a financial institution that is a corporation can, according to the usual rules, adjust the amount of the instalment payments it makes after July 11, 2013.

Similarly, a financial institution that is not a corporation can choose either of the following options:

  • to adjust the amount of periodic remittances it makes after July 11, 2013, up to the amount of Québec income tax withheld for the period
  • to include, on line 26 of its 2013 Summary of Source Deductions and Employer Contributions (form RLZ-1.S-V ou RLZ-1.ST-V), the amount of compensation tax remitted using form TPZ-1015-V, Remittance of Source Deductions and Employer Contributions

Note that financial institutions that have made an election under section 150 of the Excise Tax Act are still subject to the temporary increase.

For more information, see Information Bulletin 2013-7, published by the Ministère des Finances et de l'Économie on July 11, 2013.

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