Request a certificate of eligibility for the Cooperative Investment Plan
No specific amount was identified. Consult the program URL for detailed one.
Certification
Description:
The Cooperative Investment Plan (RIC) aims to promote the capitalization of cooperatives by granting a tax advantage to investors who acquire securities issued by an eligible cooperative.
Comments on Funding:
Rates
Free
Rolling deadline
Eligibility:
To be eligible, a cooperative must:
comply with the requirements of the Cooperatives Act This hyperlink will open in a new window.;
belong to one of the following categories:
Work cooperatives,
Shareholder worker cooperatives (CTA),
Producer cooperatives,
Agricultural producers’ cooperatives,
Solidarity cooperatives ( with restrictions ),
Federations of cooperatives (three sectors);
have completed at least one financial year or demonstrate that it will be eligible at the end of its first financial year;
exercise its general management in Quebec;
pay more than 50% of its salaries to employees of an establishment located in Quebec;
have the majority of its assets in Canada;
have a capitalization rate of less than 60%, except:
if it is a CTA,
if it is a work cooperative where the majority of employees are seasonal workers,
if an exemption has been granted for an expansion or development project.
If the cooperative was incorporated before April 23, 1985, its assets not consisting of securities issued under the RIC (old and new regime) must represent at least 80% of its assets as of April 23, 1985.
For a CTA, the eligibility conditions must be met by the legal entity in which the cooperative holds shares.
Application Steps:
Before applying for a certificate of eligibility, ensure that the cooperative’s board of directors has adopted a resolution determining the terms and conditions for issuing shares. If necessary, consult the Resolution Preparation Assistance Guide (PDF 324 KB) .
You can also consult the Guide for cooperatives holding an eligibility certificate (PDF 0.90 MB) for more information on the measure.
Complete and sign an application for issuance authorization (PDF 51 KB) , and prepare the following documents:
A copy of the latest annual report This hyperlink will open in a new window.if it has not already been transmitted;
An extract from the regulation authorizing the issue of preferred shares (PDF 33 KB) ;
A copy of the resolution of the board of directors determining the terms of issue of preferred shares certified by the secretary of the cooperative;
A certificate from the directors ( shareholder workers’ cooperative (PDF 22 KB) or work or producers’ cooperative or a federation (PDF 48 KB) or solidarity cooperative (PDF 33 KB) ), signed by two directors, relating to:
the category of cooperatives or federations,
the territoriality of activities,
the location of assets;
An audit report from the auditor certifying that the capitalization rate is less than 60 %This hyperlink will open in a new window., and this, for any cooperative to which this criterion applies, unless it is an exemption (PDF 32 KB) ;
A certificate signed by the auditor relating to the maintenance of assets (PDF 48 KB) for cooperatives incorporated before April 23, 1985.
Documentation Needed:
1. Completed and signed application for issuance authorization (PDF 51 KB)
2. Copy of the latest annual report (if not already transmitted)
3. Extract from the regulation authorizing the issue of preferred shares (PDF 33 KB)
4. Copy of the board of directors’ resolution determining the terms of issue of preferred shares, certified by the secretary of the cooperative
5. Certificate from the directors (signed by two directors) based on cooperative type:
– Shareholder workers’ cooperative (PDF 22 KB)
– Work or producers’ cooperative or a federation (PDF 48 KB)
– Solidarity cooperative (PDF 33 KB)
– Including information on:
– Category of cooperatives or federations
– Territoriality of activities
– Location of assets
6. Audit report certifying that the capitalization rate is less than 60% (unless exempt, PDF 32 KB)
7. Certificate signed by the auditor relating to the maintenance of assets (PDF 48 KB) for cooperatives incorporated before April 23, 1985
Other Things to Note:
Detailed information statement
Complete the detailed information statement This hyperlink will open in a new window.
Registration procedure for first use of the online service
Get help
dir.coop@economie.gouv.qc.ca
418 691-5978
Toll-free: 1 866 680-1884
About the author
Maurice
