International Financial Center
$18,000
Tax Credit
Description:
These tax measures were put in place by the Ministry of Finance to encourage the establishment and development of new projects by companies specializing in international financial activities in the Montreal metropolitan area . To benefit from these measures, a company must have the status of an international financial center (IFC).
Comments on Funding:
The tax benefit for a company holding CFI status can reach $18,000 per year, per employee . Depending on the categories of activities carried out, the type of tax benefit varies.
Continuous Intake. No specific deadline was identified.
Eligibility:
Eligible international financial activities giving rise to a tax advantage are grouped into three main categories. A company that holds the status of an international financial centre (IFC) can carry out one or more of them.
Application Steps:
Make a request
Here are some practical tips for companies that want to take advantage of the tax measures for international financial centres (IFCs).
To obtain CFI status
The company must complete the following forms and provide the documents required therein:
a request for a certificate in respect of an international financial centre
a certificate request for each eligible employee:
a minimum of six eligible employees is required
If necessary, the company may include foreign specialists to reach the required minimum of six employees.
You will find the necessary documents in the CFI Forms section .
Certificate requests (CFI and employee) are only made once.
To obtain an annual certificate
At the end of each tax year, the company must complete the following forms and provide the documents required therein:
a request for annual certification regarding CFI activities
the form linked to each of the admissible activities carried out by the CFI
an annual certificate request for each local employee already certified:
a minimum of six eligible employees is required
If necessary, the company may include foreign specialists to reach the required minimum of six employees.
a request for a certificate and annual attestation for each new local employee who started work during the tax year
You will find the necessary documents in the CFI Forms section .
Certificate requests are only made once per employee.
Requests for annual certification (CFI and employee) must be made each year to obtain tax benefits.
For a foreign specialist
The company must submit the following forms and the documents required therein:
a request for a certificate no later than the last day of February of the year following the entry into service of the foreign specialist
an application for an annual certificate, for the personal tax benefit, after the end of the calendar year, no later than the last day of February
You will find the necessary documents in the CFI Forms section .
To edit an official document
The company must submit a written request for any change relating to:
at the CFI address (place where the eligible activities are carried out)
on behalf of the company operating the CFI
to activities eligible for the company certificate
to any other information contained in official documents issued by the Ministry
For more details on the procedure for modifying an official document, contact us .
Fees and payment terms
Any request must be accompanied by payment of the fees due according to the payment terms that apply (see the Fees and payment terms section ).
Documentation Needed:
To obtain CFI status:
1. Request for a certificate in respect of an international financial centre (CFI)
2. Certificate request for each eligible employee (minimum of six eligible employees required)
– May include foreign specialists to meet the minimum requirement
To obtain an annual certificate:
3. Request for annual certification regarding CFI activities
4. Form linked to each admissible activity carried out by the CFI
5. Annual certificate request for each already certified local employee (minimum of six eligible employees required)
– May include foreign specialists to meet the minimum requirement
6. Request for a certificate and annual attestation for each new local employee who started work during the tax year
For a foreign specialist:
7. Request for a certificate (submitted no later than the last day of February following the foreign specialist’s entry into service)
8. Application for an annual certificate for the personal tax benefit (submitted no later than the last day of February after the calendar year ends)
To edit an official document:
9. Written request for modifications related to:
– CFI address (where eligible activities are carried out)
– Name of the company operating the CFI
– Activities eligible for the company certificate
– Any other information contained in official documents
Other Things to Note:
Any request must be accompanied by payment of the fees due according to the payment terms that apply (see the Fees and payment terms section ).
About the author
Maurice
