Change to the Refundable Tax Credit for the Modernization of a Tourist Accommodation Establishment
The annual threshold of $50,000 will be replaced with a single threshold of $50,000. Tax legislation will be amended so that the single threshold of $50,000 applicable to a corporation for a taxation year corresponds to the qualified expenditures incurred by the corporation, in the taxation year or a prior taxation year, and to its share of the qualified expenditures incurred by a qualified partnership of which it is a member, for a fiscal period ended in the taxation year or a prior taxation year of the corporation, and that total $50,000.
A corporation will be entitled to the tax credit for a taxation year only if the single threshold of $50,000 for the year is reached.
This change applies to any corporation's taxation year that ends after February 20, 2014.
For more information, see page I.11 of the Budget Plan (PDF – 4,45 MB), tabled by the Ministère des Finances et de l'Économie.