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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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