Refundable Tax Credit for Gaspésie and Certain Maritime Regions of Québec OLD SYSTEM

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1 GASPÉSIE AND CERTAIN MARITIME REGIONS CALENDAR YEARS 2000 TO 2015 Refundable Tax Credit for Gaspésie and Certain Maritime Regions of Québec OLD SYSTEM SUMMARY A corporation that is eligible for the tax credit for Gaspésie and certain maritime regions (the Old GAS System ) may claim this tax credit up until December 31, An eligible corporation that began operating its recognized business by no later than March 31, 2008 may claim this tax credit at the 40% rate up until December 31, 2010, and the increase in its payroll is determined on the basis of the payroll attributable to its eligible employees for the calendar year preceding the one in which it began operating its recognized business (base calendar year). For calendar years 2011 to 2015, such a corporation may benefit from the Old GAS System at the 20% rate. The eligible corporation s base calendar year will, however, be amended to correspond to calendar year In this case, it is only as of the taxation year following the one including December 31, 2010 that this corporation may combine the advantages of Revenu Québec s investment tax credit for manufacturing and processing equipment (the ITC ), for eligible investments made as of this taxation year, with those of the tax credit under the Old GAS System. If an eligible corporation wishes to receive the ITC more quickly, it may elect to claim this tax credit as of a taxation year ending after March 13, 2008 and for subsequent taxation years. In its calendar year ending in the taxation year for which this election is made, as well as for subsequent calendar years, the corporation may benefit from the Old GAS System at the reduced 20% rate in addition to the ITC. The corporation s base calendar year for the tax credit will then be amended to correspond to the calendar year preceding the one for which the election is made. Making this election irrevocably cancels entitlement to the Old GAS System at the 40% rate that the corporation could have claimed for the calendar year ending in the taxation year for which this election is made and for subsequent calendar years. A corporation eligible for the former GAS System that began operating its recognized business after March 31, 2008, but no later than December 31, 2015, may claim the tax credit for Gaspésie and certain maritime regions at the 20% rate up until December 31, Its base calendar year generally 1 corresponds to the calendar year preceding the one in which it began operation of its recognized business. Such an eligible corporation may also claim the ITC. 1 Only one base calendar year may apply to a corporation for all refundable tax credits granted in resource regions. Thus, a corporation that operates a business recognized for the purposes of one or more of these tax credits will maintain the same base calendar year, even if it subsequently begins to operate another recognized business. 1

2 Nature of Tax Assistance and Calculation Method The tax assistance consists of a refundable tax credit based on the increase in payroll attributable to the eligible employees of an eligible corporation. The tax credit rate is 40% up until December 31, 2010, except for calendar year 2003, for which the rate is 35%. However, the tax credit rate will be 20%: if the corporation so elects, at any time, as of calendar year 2008; or if the corporation begins to operate a recognized business after March 31, 2008; or if the corporation is established in the Gaspésie-Îles-de-la-Madeleine region and its activities are manufacturing activities (as of calendar year 2008), or if the corporation elects, for a taxation year including a calendar year following 2007, to claim the ITC. If applicable, the year preceding the one in which the corporation makes this election will become the reference calendar year. As of January 1, 2011, the tax credit rate will be 20% and the base calendar year will be 2010 for all corporations still benefiting from the 40% rate 2 as well as for all corporations in Gaspésie Îles-de-la- Madeleine that benefit from the 30% tax rate under the Old RR System. The credit is calculated as follows: 3 For the first two years of eligibility of a corporation whose base calendar year is 2000 or 2001, and for 2001 and 2002 for a corporation whose base calendar year is 1999, the tax credit is as follows: Applicable tax credit rate multiplied by All eligible wages paid by the corporation to its eligible employees for the calendar year _ 90% of all eligible wages paid by the corporation to its eligible employees for its base calendar year For all the other years of eligibility of a corporation up until December 31, 2015, the tax credit is as follows: Applicable tax credit rate multiplied by All eligible wages paid by the corporation to its eligible employees for the calendar year _ All eligible wages paid by the corporation to its eligible employees for its base calendar year Special considerations apply to corporations carrying out activities in the mariculture field, or activities relating to the manufacturing or processing of finished or semi-finished products in the marine biotechnology field. More information is provided on these considerations in a section appearing further on. Special rules apply depending on whether an eligible corporation: has one establishment in an eligible region and another establishment elsewhere in Québec; 2 Except corporations in the mariculture and marine biotechnology sectors. 3 This is a summary illustration of the calculation provided for by the Taxation Act. For a more detailed illustration of the calculation, please refer in particular to the form prescribed by Revenu Québec. 2

3 is associated with one or more other corporations; carries out activities previously carried out by another entity such as a corporation, general partnership, or person (transfer of activities from one person to another), as well as in the event of a merger or winding-up procedures. As of calendar year 2003, for a corporation that holds more than one eligibility certificate for one of the tax credits available in the regions, the Taxation Act stipulates that the increase in payroll attributable to eligible employees under any of these credits must be calculated on a consolidated basis starting from the same base calendar year. Accordingly: A corporation that holds more than one eligibility certificate for this tax credit, the refundable tax credit for processing activities in the resource regions, and/or the refundable tax credit for the Aluminum Valley, must calculate the increase in payroll attributable to all its employees carrying out activities eligible for one of these tax credits; this increase is determined using the eligible wages paid to such eligible employees for the base calendar year applicable to the first eligibility certificate issued to the corporation. For instance, if a corporation holds an eligibility certificate for the refundable tax credit for Gaspésie and certain maritime regions of Québec coming into effect as of calendar year 2000 (base calendar year 1999) and an eligibility certificate for the refundable tax credit for processing activities in the resource regions coming into effect in calendar year 2001 (base calendar year 2000), the calculation of the corporation s tax credit for these two fiscal measures is made on a consolidated basis as of calendar year The following rules apply: The corporation s base calendar year for its two eligibility certificates is calendar year 1999, i.e., the base calendar year applicable to the first eligibility certificate issued to the corporation. Accordingly, the increase in eligible payroll is calculated for all the activities of the corporation eligible for any of these tax credits using the corporation s eligible payroll for calendar year 1999; The increase in eligible payroll is calculated on a consolidated basis for all eligible employees under any of the eligibility certificates. Accordingly, the corporation must identify all its employees who are eligible for any of the tax credits for calendar year 2003 and compare the total wages paid to such employees for calendar year 2003 with the total wages paid for all eligible employees under any of these tax credits for calendar year Special considerations apply when a corporation carries out eligible activities relating to the manufacturing or processing of finished or semi-finished marine biotechnology products or mariculture activities as well as other activities covered by one of the tax credits available in the regions. In such a case, the above-mentioned consolidation rules do not apply to activities in mariculture or marine biotechnology. More information is provided on these considerations in a section appearing further on. Eligibility of the Corporation and of its Activities (Recognized Business) and Eligible Regions Among the conditions to be satisfied to qualify for this tax credit, a corporation must, during a calendar year, have an establishment in Québec and operate a recognized business in an eligible region. According to the Taxation Act, some corporations may not qualify for the purposes of this measure. These include corporations that, for a taxation year: are tax-exempt corporations; are Crown corporations or wholly-controlled subsidiaries of such a corporation. 3

4 A recognized business, for a taxation year, means a business operated by a corporation for which an eligibility certificate was issued by Investissement Québec and which carries on activities in the following regions and sectors: Administrative region: Gaspésie/ Îles-de-la- Madeleine Côte-Nord Seafood products processing Manufacturing and processing of finished or semi-finished marine biotechnology products (as of 2002) Bas St-Laurent (Matane RCM only) (as of 2002) Production of wind power and manufacturing of wind generators (Matane RCM only) Mariculture (as of 2004) Manufacturing activities 4 (as of 2008) The concept of recognized business was broadened as of calendar year 2008 for the Gaspésie Îlesde-la-Madeleine region to include a business whose activities are manufacturing activities and, secondarily, the marketing of the yield of such activities. For the purposes of this credit, manufacturing of wind generators includes manufacturing of their main components, namely the tower, rotor and nacelle. When this tax credit was introduced, the manufacturing of specialized equipment for the production of wind power and the manufacturing of specialized equipment for mariculture were eligible activities. The Budget Speech of June 12, 2003 excluded these activities. However, corporations that submitted an application to Investissement Québec for an eligibility certificate for such activities may claim this tax credit for these activities up to and including calendar year In addition, for the 2004 and subsequent calendar years, a corporation that manufactures such equipment using materials covered by the refundable tax credit for processing activities in resource regions must submit an application to Investissement Québec for an eligibility certificate for that tax credit. The new eligibility certificate for the refundable tax credit for processing activities in resource regions will then be valid, where applicable, up until December 31, For example, a corporation that manufactures specialized equipment for mariculture activities obtained an eligibility certificate for this tax credit, which came into force in calendar year Subsequent to the exclusion of this activity by the Budget Speech, the corporation may claim the refundable tax credit for Gaspésie and certain maritime regions of Québec only for calendar years 2000 to 2003 inclusively. Nevertheless, because the equipment it manufactures is made of metal and wood, the corporation can submit an application for an eligibility certificate for the tax credit for processing activities in resource regions. If it satisfies the eligibility conditions, it can thus benefit from said tax credit up until December 31, Its base calendar year will be 1999, i.e., the year that applied to its initial eligibility certificate. 4 The activities listed under codes 31 to 33 of the North American Industry Classification System (NAICS) are generally manufacturing activities covered by this tax credit. 4

5 In general, for all the activities covered by this tax credit, a recognized business also includes: marketing activities ancillary to the activities of the recognized business for the years in which they are otherwise eligible; as of calendar year 2005, marketing activities ancillary to the manufacturing or processing of the product or equipment by a corporation that is associated with the eligible corporation, for the years in which such manufacturing or processing is eligible. EXCLUDED ACTIVITIES As of March 23, 2006, installation activities relating to manufacturing or processing activities carried out by a corporation or an associated corporation are specifically excluded for the purposes of this tax credit. Notwithstanding the above-mentioned exclusion, an eligible corporation for which an eligibility certificate was issued by Investissement Québec before March 23, 2006, or which submitted an application to Investissement Québec for an eligibility certificate prior to that date, may continue to benefit from the tax credit for installation activities ancillary to the manufacturing or processing activities by a corporation or an associated corporation, but only up until December 31, Investissement Québec may, on an exceptional basis, issue an eligibility certificate to a corporation for the above-mentioned installation activities, even if the application for such a certificate was submitted on or after March 23, Accordingly, a corporation may obtain an eligibility certificate for such installation activities if such corporation stems from a business restructuring, following a merger for example, and if one of the corporations replaced was eligible for the tax credit granted for the installation activities in question immediately prior to the restructuring. Similarly, a parent corporation winding up an eligible corporation of which it is the sole proprietor and carrying on the installation activities in question may obtain an eligibility certificate. Finally, an eligible corporation may obtain an eligibility certificate for activities including the above-mentioned installation activities if it operates a recognized business whose installation activities were formerly carried on by an associated corporation. In all these cases, the eligibility certificate may be issued solely for activities carried on until December 31, OTHER CONSIDERATIONS The activities of a recognized business must consist of manufacturing or processing activities and must be carried out in an eligible region. Moreover, to be considered an eligible business, a corporation must demonstrate to Investissement Québec that the proposed business will contribute, within a reasonable time, to the creation of at least three full-time jobs in an establishment of the corporation located in the eligible region. For the purposes of the last criterion, Investissement Québec may take into account part-time or seasonal jobs which, considered as a whole, are equal to a minimum of three full-time jobs. An increase in the number of days worked by existing employees may also be considered, for purposes of this criterion. Investissement Québec defines a full-time job as a job involving 26 hours of work per week for 40 weeks a year. Lastly, the eligible corporation must, as of calendar year 2003, obtain an annual eligibility certificate from Investissement Québec that identifies the corporation s activities that are eligible for the tax credit. 5

6 Special Considerations for Activities in the Mariculture and Marine Biotechnology Sectors Cancellation of an eligibility certificate To enable a corporation to benefit from a base calendar year in which its eligible payroll is equal to zero, Investissement Québec may, upon the request of an eligible corporation, cancel the eligibility certificate issued for mariculture activities or the manufacturing or processing of finished or semi-finished marine biotechnology products. This cancellation may come into effect only as of calendar year Subsequent to the cancellation of such a certificate, the eligible corporation may apply for an eligibility certificate for a later calendar year, if it otherwise complies with the other eligibility terms and conditions. It will then be able to benefit from the tax credit up until December 31, In such a case, the job-creation requirement will not have to be met because it will already have been fulfilled for the issuance of the first eligibility certificate. Adjustments to the payroll for the base calendar year When a corporation becomes eligible for this tax credit as of calendar year 2004 for its activities carried out in the mariculture or marine biotechnology sectors, the tax credit it is entitled to will correspond to 40% of the wages paid to eligible employees for such activities, up until December 31, The wages paid to such employees during the corporation s base calendar year will be deemed to be equal to zero. This rule applies both for an eligibility certificate issued subsequent to the cancellation of a certificate as provided for above, and to the issuance of an initial eligibility certificate to the corporation for such activities. Absence of consolidation for calculation purposes Unlike the other activities eligible for the three tax credits available in the regions, the base calendar year that applies for eligible mariculture and marine biotechnology activities is separate and is determined irrespective of the base calendar year for the other eligibility certificates issued to the corporation. Example A corporation operates a business involved in the processing of seafood products. It has held an eligibility certificate for such activities since calendar year Its base calendar year is It also holds an eligibility certificate with the same parameters for its mariculture business. The corporation asks Investissement Québec to cancel its eligibility certificate for its mariculture activities as of calendar year 2004 and to issue, in 2004, a new eligibility certificate for such activities. As for its seafood-product processing business, nothing has changed. The base calendar year remains 1999 and its eligibility period will be up until December 31, As for its mariculture business, the base calendar year for the second certificate is 2003, and its eligibility period will be up until December 31, Finally, since the corporation became eligible as of calendar year 2004 under the terms of its second eligibility certificate, it is deemed not to have paid any wages in 2003 for its mariculture activities and may obtain a tax credit equal to 40% of the wages paid to employees carrying out mariculture activities. Combination of Credits 6

7 An eligible corporation in the marine biotechnology or mariculture sector that is eligible for the ITC may also claim this tax credit and maintain its eligibility for this tax credit at the 40% rate. Such combination of tax credits is possible as of taxation years ending after March 13, Eligible Employee To be eligible, an employee must satisfy the following conditions: be an employee of an establishment of an eligible corporation located in an eligible region; and devote at least 75% of his or her duties with such corporation to carrying out, supervising or directly supporting the activities of the recognized business, which do not include, among others, duties relating to general administration. As for the latter criterion, the eligible corporation must, as of calendar year 2003, obtain an annual eligibility certificate from Investissement Québec confirming that the employee s duties satisfy this requirement. A corporation may hold more than one eligibility certificate for the different recognized businesses it operates. In such a case, an employee may qualify as an eligible employee for each of the recognized businesses of his or her employer when at least 75% of his or her duties are devoted to carrying out, supporting or directly supervising the activities of such recognized businesses operated by the eligible corporation, considered as a whole. For the purposes of calculating the tax credit, the wages of such employee are divided among the different recognized businesses of the eligible corporation according to the percentage of duties the employee devotes directly to each of them. For example, an employee who devotes 40% of his or her time to supporting the activities of recognized business A and 60% to supporting the activities of recognized business B may qualify as an eligible employee for the purposes of the tax credits. For the purposes of calculating the tax credit for calendar years 2000 to 2002, the wages of such employee are divided among the different recognized businesses of the eligible corporation according to the percentage of duties the employee devotes directly to each of them. In this example, the eligible corporation calculates the increase in payroll of business A by including 40% of the eligible wages paid to the employee and that of business B by including 60% of the wages paid to such employee. For calendar years 2003 and after, the calculation is made on a consolidated basis, as mentioned above. Lastly, qualification of employees must be established for each period during a calendar year. As of calendar year 2003, a period is defined as a pay period. Employee Assigned to Research and Development Activities An employee who devotes at least 25% of his or her time to R&D activities during a given pay period is not eligible for the tax measure for that period. Eligible Wages Eligible salaries refer to employment income generally calculated under the Taxation Act but do not include: 7

8 for an employee whose activities are related to marketing, director s fees, a bonus, remuneration for work done in excess of normal work hours, or taxable benefits that must be included in the employee s income; for other employees, director s fees, a bonus, performance premium, remuneration for work done in excess of normal work hours, a commission, or taxable benefits that must be included in the employee s income. The salaries for which the tax credit is claimed must have been paid when the claim is filed with Revenu Québec. Nature of the Tax Credit and Claim This tax credit is a refundable tax credit. When the tax credit exceeds the tax payable, a corporation can obtain a refund of such excess. The tax credit is calculated and claimed at the end of the taxation year when the corporation files its tax return. The tax credit obtained is taxable. To claim the tax credit for a calendar year, the eligible corporation must enclose with its tax return for the taxation year in which such calendar year ends, the form prescribed by Revenu Québec and a copy of the eligibility certificate issued by Investissement Québec. For calendar years 2003 and after, the corporation must enclose a copy of the annual certificates for employees (for the calendar year of the claim and for the base calendar year), as well as the annual eligibility certificate for activities. Base Calendar Year For eligible corporations whose eligibility certificate for this tax credit came into effect before January 1, 2002, the base calendar year is For all other eligible corporations, the base calendar year is the calendar year preceding the year in which the corporation s eligibility certificate for the purposes of this tax credit came into effect. Nevertheless, in the case of an eligibility certificate application submitted after June 22, 2005, and that of an eligibility certificate application submitted before June 22, 2005, in which an adjustment of the base calendar year is requested after that date, the base calendar year for a corporation may be set at a maximum of two years prior to the calendar year in which such application is made. For example, a corporation that submits a complete application to Investissement Québec for an eligibility certificate in 2006, may elect calendar 2004 or 2005 as the base calendar year. Furthermore, in cases where a complete eligibility certificate application is submitted before June 22, 2005, Investissement Québec may establish the base calendar year by considering the date an income tax return was filed with Revenu Québec. More specifically, in all cases, an application is considered complete by Investissement Québec when it is signed, all sections of the form have been duly completed and it is accompanied by all documents required on the form including, where applicable, a power of attorney authorizing a representative to act on behalf of the corporation. As of calendar year 2003, if a corporation holds more than one eligibility certificate for one or more tax credits available in the regions, it must consider a single base calendar year, i.e., the one applicable to the first eligibility certificate issued to the corporation. As of January 1, 2011, the base calendar year of a corporation that is eligible for the tax credit at the 40% rate 5 and has not yet elected to claim the tax credit at the 20% rate will be calendar year As well as corporations located in Gaspésie Îles-de-la Madeleine that benefited from the refundable tax credit for processing in resource regions and that elected, for calendar year 2010, to migrate to this tax credit but at the 30% rate. For calendar year 2010, these corporations may not claim the ITC. 8

9 However, if the corporation elects to claim the ITC, the year preceding the one in which it makes that election will become the base calendar year. In addition, for a corporation that elects to claim the tax credit at the 20% rate, the calendar year preceding the one in which the election is made will become the base calendar year. Election of Applicable Tax Assistance A corporation eligible for the refundable tax credit for Gaspésie and certain maritime regions of Québec may claim this tax credit at the 40% rate up until December 31, 2010, or elect to claim, as of a taxation year ending after March 13, 2008, the ITC of which the rate can be up to 40%. If applicable, the corporation s base calendar year will become the calendar year preceding the one in which the election is made. Making this election irrevocably cancels entitlement to the tax credit at the 40% rate that the corporation may claim for the calendar year ending during such taxation year and for subsequent calendar years. Accordingly, a corporation eligible for the refundable tax credit for Gaspésie and certain maritime regions may continue to claim this tax credit at the 40% rate with no change to its base calendar year until it expires, i.e., calendar year 2010, if it does not elect to claim the investment tax credit. For example, if the corporation makes this election for calendar year 2009 when the rate of the refundable tax credit is still 40%, the base calendar year will become calendar year 2008 and the rate of the tax credit will be 20%. As of January 1, 2011, the base calendar year of a corporation that is eligible for the tax credit at the 40% rate and that has not yet elected to claim the investment tax credit, will be calendar year Clarification Applicable to Associated Corporations When a corporation eligible for the refundable tax credit for Gaspésie and certain maritime regions of Québec is associated, during a given taxation year, with another corporation that is already eligible for one of the three refundable tax credits granted in certain regions, the election to claim the two tax credits for a taxation year ending after March 13, 2008 must be made jointly by the eligible corporation and any other corporation with which it is associated. This election must be made no later than the filing deadline applicable to the eligible corporation that wishes to claim the two tax credits. 6 Making this election irrevocably cancels entitlement to the tax credit at the 40% rate that the corporation that is a member of the group of associated corporations could have claimed for the calendar year ending in the taxation year for which the election was made, and for subsequent calendar years. More specifically, a corporation that is a member of a group of associated corporations that are eligible for the tax credit for Gaspésie and certain maritime regions of Québec can continue to claim such tax credit at the 40% rate until it expires, if no other corporation in the group elects to claim these two tax credits. Interaction with Other Tax Credits, Assistance, Benefits and so on According to certain terms stipulated in the Taxation Act, the amount of wages, for the purposes of calculating the tax credit, must be reduced by the amount of any government or non-government assistance and any benefit, as well as by the amount of wages for which another refundable tax credit is granted or for which a tax credit for on-the-job internships was or will be claimed. 6 If several corporations that are members of a group of associated corporations are eligible for the two assistance mechanisms, this election must be made on whichever of the filing deadlines applicable to these corporations occurs first. 9

10 These reductions for the base calendar year may not, however, exceed the reductions calculated for the calendar year for which the tax credit is determined. As of April 22, 2005, reimbursement of assistance, a benefit or another amount that previously served to reduce the amount of wages for the purpose of calculating the tax credit granted to the corporation will be added to the amount of the wages for application of the tax credit to which that taxpayer will be entitled. Furthermore, as of April 22, 2005, a special income tax will be payable during the year in which a taxpayer receives, is entitled to receive or may reasonably expect to receive assistance, a benefit or another amount attributable to an expense of that taxpayer for which a tax credit will have been granted. Tax Credit Eligibility Period A corporation may be eligible for this tax credit as of calendar year 2000, and will remain eligible up until December 31, However, operation of a recognized business in an eligible region, however, must start no later than December 31, Cancellation for Major Unforeseen Incidents As of calendar year 2002, Investissement Québec may, at the request of an eligible corporation, cancel the eligibility certificate it has been issued if a major unforeseen incident occurs. However, such cancellation comes into effect as of the calendar year following the last calendar year for which the tax credit was claimed. The corporation may later apply for a new eligibility certificate for a subsequent calendar year if it satisfies the other eligibility conditions. It must make sure that its business operations resume before the end of the second calendar year following the one in which it had to cease its activities. In the event that the corporation resumes its activities in the same municipality or in a municipality no more than 40 km away, the base calendar year for the second certificate will then correspond to the calendar year preceding the one in which the corporation once again became eligible for the tax credit. In the event that the corporation resumes its activities in a municipality that is more than 40 km away, the base calendar year for the second certificate will then correspond to the base calendar year of the certificate that was cancelled. Lastly, a major fire at the corporation s facilities is considered a major unforeseen incident. However, the loss of a major client is not. Initial Eligibility The corporation must submit its initial application to Investissement Québec using the form provided for that purpose and enclose the required documentation, such as a copy of the corporation s most recent financial statements and its articles of incorporation. This form is available on Investissement Québec's web site or may be requested from its Department of Fiscal Measures. The objective of the initial eligibility certificate is to confirm that a corporation satisfies the eligibility criteria for this refundable tax credit for the activities it carries out and meets the job creation requirement. The other eligibility criteria are checked by Revenu Québec. 10

11 Annual Eligibility Procedure As of calendar year 2003, eligible corporations must obtain an annual eligibility certificate from Investissement Québec for their activities and for their employees. The forms are available on Investissement Québec s web site or may be requested from its Department of Fiscal Measures. The annual eligibility certificate identifies the eligible activities carried out by the corporation during the calendar year in question. Where applicable, Investissement Québec takes into account any change during the calendar year in the activities carried on by the corporation since its last annual applications. The annual certificate confirms that at least 75% of the duties of every employee covered were devoted to carrying out, supporting or directly supervising the activities of the recognized business. The corporation must obtain this certificate for the calendar year of the claim as well as for the base calendar year. For each taxation year for which the corporation intends to claim the tax credit, it must enclose a copy of its most recent financial statements and its organization chart along with its certificate applications. All the other terms and calculation methods provided for by the Taxation Act are checked by Revenu Québec after the corporation files its income tax return and the prescribed tax credit application form. For the corporation to ensure that it does not lose its entitlement to the tax credit, annual certificate applications must be submitted to Investissement Québec before the end of the fifteenth (15th) month following the end of the corporation s fiscal year. If an application is submitted after that date, but before the end of the eighteenth (18th) month following the end of the corporation s fiscal year, Revenu Québec may, at its discretion, agree to extend the deadline for filing the certificate. If an application is filed with Investissement Québec after the end of the eighteenth (18th) month following the end of the corporation s fiscal year, no extension of the deadline will be granted. In all cases, applications for annual certificates are considered complete by Investissement Québec when they are signed, all sections of the form are duly filled out, and they are accompanied by all documents required on the form, including, where applicable, a power of attorney authorizing a representative to act on behalf of the corporation. On-site Visit Investissement Québec reserves the right to visit the eligible corporation s facilities at any time during the eligibility period. Accordingly, the corporation must to give Investissement Québec s representatives access and to provide them with the information they may require during the visit. Interim Financing of the Tax Credit In certain cases, Investissement Québec may provide a loan guarantee to ensure interim financing of the tax credit. Special Tax If a wage expenditure for which a tax credit has been granted is refunded to the eligible corporation or if Investissement Québec revokes an eligibility certificate, the tax credit may be recovered by means of a special tax provided for by the Taxation Act. 11

12 Rate Schedule Investissement Québec charges fees for the analysis of any application for eligibility relating to the tax measures it administers. For more information on this topic, please consult the rates schedule available on this web site. The statements in this detailed fact sheet constitute a summary of the fiscal policy taken from various Ministère des Finances du Québec publications and the Taxation Act. Other conditions may apply in certain cases. While it may refer to certain provisions, including those of the Taxation Act in particular, this fact sheet is not an interpretation by Investissement Québec of the legislative provisions relating to the tax measure. May 25,

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