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Ministère des Finances

Terms and conditions for obtaining the new tax holiday

To be eligible for the new tax holiday, a corporation or partnership will have to obtain an initial certificate as well as annual certificates issued by the Minister of Finance.

Initial certificate

The application for an initial certificate must be submitted to the Minister of Finance no later than December 31, 2029.

Once the application has been reviewed, an initial certificate will be issued to the corporation or partnership by the Minister of Finance if he is of the view that the investment project presented to him is likely to be recognized as a large investment project and that the activities that arise from it will be carried out in Québec..

To apply for an initial certificate, go to the Forms page.

Annual certificate

If the corporation or partnership holds a valid initial certificate, it may apply to the Minister of Finance for an annual certificate for each taxation year or fiscal period included, in whole or in part, in its tax-free period.

The annual certificate certifies that:

  • the corporation is carrying out, in the taxation year, the activities relating to the large investment project regarding which an initial certificate was issued;
  • the project is recognized for the taxation year as a large investment project.

The application for an annual certificate must be made before the end of the 15th month following the end of the taxation year or fiscal year for which it is requested.

The Minister of Finance may issue an annual certificate in respect of an investment project, for a taxation year or fiscal year, only if the total investment expenditures attributable to the carrying out of the investment project are at least $100 million. This total may be reached at any time during the year or fiscal year.

Independent auditor’s report

The corporation or partnership is required to include, with the application for the first annual certificate in respect of the project, an independent auditor’s report.

The independent auditor’s report must certify:

  • the total eligible investment expenditures attributable to the carrying out of the investment project;
  • the breakdown of the expenditures by location of where the property is to be used mainly;
  • the total government or non-government assistance, attributable to an investment expenditure, that the corporation or partnership has received, is entitled to receive or can reasonably expect to receive at the time of application;
  • any other information that may be required by the Minister of Finance for the administration and enforcement of this measure.

In the event that the corporation or partnership submits its first application for an annual certificate before the end of the 48-month investment period, it is required to file:

  • a revised auditor’s opinion confirming the information in the initial report or changes made;
  • any other information that may be required by the Minister of Finance for the administration and enforcement of the measure.