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Quebec Compensation Tax for Financial Institutions

Notes

(1) The 2013 Quebec budget (tabled on November 20, 2012) proposed to further increase 

the temporary contribution by financial institutions for the period from January 1, 2013 to 

March 31, 2019. If a taxation year straddles January 1, 2013, certain rules apply. 

2013

Base Rate

Temporary Contribution

Banks, loan and trust 

corporations, and corporations 

trading in securities

0%

2.8%

Insurance corporations subject 

to Quebec capital tax

0%

0.3%

Credit and savings unions 

0%

2.2%

Other financial institutions

0%

0.9%

(2) Quebec announced in Information Bulletin 2013-7 that this category only includes 

corporations that have jointly elected under section 150 of the Excise Tax Act  with the 

following financial institutions:  banks, loan or trust corporations, corporations trading in 

securities, savings and credit unions, insurance companies, or professional orders. This  

change applies retroactively to January 1, 2013.

Type of Entity

Calculation of Tax - 2013 to 2019

1

Banks, loan and trust 

corporations, and corporations 

trading in securities

2.8%

1

 of Quebec wages

Insurance corporations subject 

to Quebec capital tax

0.3%

1

 of premiums payable

Credit and savings unions 

2.2%

1

 of Quebec wages

Other financial institutions

2

0.9%

1

 of Quebec wages

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