C-8.3 - Act respecting international financial centres

Section 6 Disposition versions

2023-09-26

6. In this Act, except section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, an international financial centre means a business

(1)  that is carried on by a corporation, except an excluded corporation;

(2)  all the activities of which pertain to qualified international financial transactions or to one or more eligible contracts of the corporation;

(2.1)  the activities of which pertaining to qualified international financial transactions consist in new activities or an expansion of existing activities and those activities did not begin more than 12 months before the date on which a qualification certificate in respect of the business was applied for under the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1), or are to begin no later than 24 months after that date and require that the corporation use additional financial, human and physical resources;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions or of one or more eligible contracts and that are carried out in the course of the operations of the business is conducted within the urban agglomeration of Montréal;

(4)  the activities of which are engaged in in one or more of the corporation’s qualified establishments located within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation holds a valid certificate, issued under this Act or the Act respecting the sectoral parameters of certain fiscal measures, for a period that includes the time during which this definition applies.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation other than one of the qualified establishments referred to in that subparagraph 4.

If, in respect of a business that is an international financial centre on 30 March 2010, this section applies, in the case where the business is carried on by a corporation, before 1 January 2013 or, if it is earlier, the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or, in the case where the business is carried on by a partnership, before 1 January 2014, it is to be read as it read on 30 March 2010.

For the purposes of section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, the following rules apply:

(1)  a business carried on by a corporation after 31 December 2012 or, if it is earlier, the date preceding the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or by a partnership after 31 December 2013 may not be an international financial centre operated by the corporation or partnership; and

(2)  if, in a taxation year, a corporation is a member of a partnership that operates an international financial centre in a fiscal period of the partnership that ends in that year and the corporation begins to benefit from the provisions of Division II.6.14.3 of Chapter III.1 of Title III of Book IX of Part I of the Taxation Act from a given time in the year, the partnership is deemed, in respect of the corporation, to have ceased to operate the international financial centre on the day preceding the given time in the year.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4; 2006, c. 36, s. 8; 2011, c. 1, s. 2; 2012, c. 1, s. 40; 2017, c. 1, s. 23; 2019, c. 14, s. 32; 2021, c. 36, s. 29; 2023, c. 19, s. 5.

2021-12-10

6. In this Act, except section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, an international financial centre means a business

(1)  that is carried on by a corporation, except an excluded corporation;

(2)  all the activities of which pertain to qualified international financial transactions or to one or more eligible contracts of the corporation;

(2.1)  the activities of which pertaining to qualified international financial transactions consist in new activities or an expansion of existing activities and those activities did not begin more than 12 months before the date on which a qualification certificate in respect of the business was applied for under the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1), or are to begin no later than 24 months after that date and require that the corporation use additional financial, human and physical resources;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions or of one or more eligible contracts and that are carried out in the course of the operations of the business is conducted within the urban agglomeration of Montréal;

(4)  the activities of which are engaged in in one or more of the corporation’s qualified establishments located within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation holds a valid certificate, issued under this Act or the Act respecting the sectoral parameters of certain fiscal measures, for a period that includes the time during which this definition applies.

For the purposes of subparagraph 2 of the first paragraph, an employee of a corporation in respect of whom a certificate recognizing the employee as a specialist is issued to the corporation, for all or part of a calendar year, is deemed to be an eligible employee of the corporation for all or part of the taxation year that includes all or part of the calendar year.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation other than one of the qualified establishments referred to in that subparagraph 4.

If, in respect of a business that is an international financial centre on 30 March 2010, this section applies, in the case where the business is carried on by a corporation, before 1 January 2013 or, if it is earlier, the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or, in the case where the business is carried on by a partnership, before 1 January 2014, it is to be read as it read on 30 March 2010.

For the purposes of section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, the following rules apply:

(1)  a business carried on by a corporation after 31 December 2012 or, if it is earlier, the date preceding the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or by a partnership after 31 December 2013 may not be an international financial centre operated by the corporation or partnership; and

(2)  if, in a taxation year, a corporation is a member of a partnership that operates an international financial centre in a fiscal period of the partnership that ends in that year and the corporation begins to benefit from the provisions of Division II.6.14.3 of Chapter III.1 of Title III of Book IX of Part I of the Taxation Act from a given time in the year, the partnership is deemed, in respect of the corporation, to have ceased to operate the international financial centre on the day preceding the given time in the year.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4; 2006, c. 36, s. 8; 2011, c. 1, s. 2; 2012, c. 1, s. 40; 2017, c. 1, s. 23; 2019, c. 14, s. 32; 2021, c. 36, s. 29.

2019-06-19

6. In this Act, except section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, an international financial centre means a business

(1)  that is carried on by a corporation, except an excluded corporation;

(2)  all the activities of which pertain to qualified international financial transactions or to one or more eligible contracts of the corporation and such activities require that the corporation employ at least six eligible employees, within the meaning of section 776.1.27 or 1029.8.36.166.61 of the Taxation Act (chapter I-3);

(2.1)  the activities of which pertaining to qualified international financial transactions consist in new activities or an expansion of existing activities and those activities did not begin more than 12 months before the date on which a qualification certificate in respect of the business was applied for under the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1), or are to begin no later than 24 months after that date and require that the corporation use additional financial, human and physical resources;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions or of one or more eligible contracts and that are carried out in the course of the operations of the business is conducted within the urban agglomeration of Montréal;

(4)  the activities of which are grouped together in one place within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation holds a valid certificate, issued under this Act or the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1), for a period that includes the time during which this definition applies.

For the purposes of subparagraph 2 of the first paragraph, an employee of a corporation in respect of whom a certificate recognizing the employee as a specialist is issued to the corporation, for all or part of a calendar year, is deemed to be an eligible employee of the corporation for all or part of the taxation year that includes all or part of the calendar year.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation other than the place referred to in that subparagraph 4.

If, in respect of a business that is an international financial centre on 30 March 2010, this section applies, in the case where the business is carried on by a corporation, before 1 January 2013 or, if it is earlier, the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or, in the case where the business is carried on by a partnership, before 1 January 2014, it is to be read as it read on 30 March 2010.

For the purposes of section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, the following rules apply:

(1)  a business carried on by a corporation after 31 December 2012 or, if it is earlier, the date preceding the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or by a partnership after 31 December 2013 may not be an international financial centre operated by the corporation or partnership; and

(2)  if, in a taxation year, a corporation is a member of a partnership that operates an international financial centre in a fiscal period of the partnership that ends in that year and the corporation begins to benefit from the provisions of Division II.6.14.3 of Chapter III.1 of Title III of Book IX of Part I of the Taxation Act from a given time in the year, the partnership is deemed, in respect of the corporation, to have ceased to operate the international financial centre on the day preceding the given time in the year.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4; 2006, c. 36, s. 8; 2011, c. 1, s. 2; 2012, c. 1, s. 40; 2017, c. 1, s. 23; 2019, c. 14, s. 32.

2017-02-08

6. In this Act, except section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, an international financial centre means a business

(1)  that is carried on by a corporation, except an excluded corporation;

(2)  all the activities of which pertain to qualified international financial transactions and such activities require that the corporation employ at least six eligible employees, within the meaning of section 776.1.27 or 1029.8.36.166.61 of the Taxation Act (chapter I-3);

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the urban agglomeration of Montréal;

(4)  the activities of which are grouped together in one place within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation holds a valid certificate, issued under this Act or the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1), for a period that includes the time during which this definition applies.

For the purposes of subparagraph 2 of the first paragraph, an employee of a corporation in respect of whom a certificate recognizing the employee as a specialist is issued to the corporation, for all or part of a calendar year, is deemed to be an eligible employee of the corporation for all or part of the taxation year that includes all or part of the calendar year.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation other than the place referred to in that subparagraph 4.

If, in respect of a business that is an international financial centre on 30 March 2010, this section applies, in the case where the business is carried on by a corporation, before 1 January 2013 or, if it is earlier, the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or, in the case where the business is carried on by a partnership, before 1 January 2014, it is to be read as it read on 30 March 2010.

For the purposes of section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, the following rules apply:

(1)  a business carried on by a corporation after 31 December 2012 or, if it is earlier, the date preceding the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or by a partnership after 31 December 2013 may not be an international financial centre operated by the corporation or partnership; and

(2)  if, in a taxation year, a corporation is a member of a partnership that operates an international financial centre in a fiscal period of the partnership that ends in that year and the corporation begins to benefit from the provisions of Division II.6.14.3 of Chapter III.1 of Title III of Book IX of Part I of the Taxation Act from a given time in the year, the partnership is deemed, in respect of the corporation, to have ceased to operate the international financial centre on the day preceding the given time in the year.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4; 2006, c. 36, s. 8; 2011, c. 1, s. 2; 2012, c. 1, s. 40; 2017, c. 1, s. 23.

2012-03-05

6. In this Act, except section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, an international financial centre means a business

(1)  that is carried on by a corporation, except an excluded corporation;

(2)  all the activities of which pertain to qualified international financial transactions and such activities require that the corporation employ at least six eligible employees, within the meaning of section 1029.8.36.166.61 of the Taxation Act (chapter I-3);

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the urban agglomeration of Montréal;

(4)  the activities of which are grouped together in one place within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation holds a valid certificate, issued under this Act or the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1), for a period that includes the time during which this definition applies.

For the purposes of subparagraph 2 of the first paragraph, an employee of a corporation in respect of whom a certificate recognizing the employee as a specialist is issued to the corporation, for all or part of a calendar year, is deemed to be an eligible employee of the corporation for all or part of the taxation year that includes all or part of the calendar year.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation other than the place referred to in that subparagraph 4.

If, in respect of a business that is an international financial centre on 30 March 2010, this section applies, in the case where the business is carried on by a corporation, before 1 January 2013 or, if it is earlier, the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or, in the case where the business is carried on by a partnership, before 1 January 2014, it is to be read as it read on 30 March 2010.

For the purposes of section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, the following rules apply:

(1)  a business carried on by a corporation after 31 December 2012 or, if it is earlier, the date preceding the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or by a partnership after 31 December 2013 may not be an international financial centre operated by the corporation or partnership; and

(2)  if, in a taxation year, a corporation is a member of a partnership that operates an international financial centre in a fiscal period of the partnership that ends in that year and the corporation begins to benefit from the provisions of Division II.6.14.3 of Chapter III.1 of Title III of Book IX of Part I of the Taxation Act from a given time in the year, the partnership is deemed, in respect of the corporation, to have ceased to operate the international financial centre on the day preceding the given time in the year.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4; 2006, c. 36, s. 8; 2011, c. 1, s. 2; 2012, c. 1, s. 40.

2011-02-17

6. In this Act, except section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, an international financial centre means a business

(1)  that is carried on by a corporation, except an excluded corporation;

(2)  all the activities of which pertain to qualified international financial transactions and such activities require that the corporation employ at least six eligible employees, within the meaning of section 1029.8.36.166.61 of the Taxation Act (chapter I-3);

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the urban agglomeration of Montréal;

(4)  the activities of which are grouped together in one place within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation holds a certificate that is valid for a period that includes the time during which this definition applies.

For the purposes of subparagraph 2 of the first paragraph, an employee of a corporation in respect of whom a certificate recognizing the employee as a foreign specialist is issued to the corporation, for all or part of a calendar year, is deemed to be an eligible employee of the corporation for all or part of the taxation year that includes all or part of the calendar year.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation other than the place referred to in that subparagraph 4.

If, in respect of a business that is an international financial centre on 30 March 2010, this section applies, in the case where the business is carried on by a corporation, before 1 January 2013 or, if it is earlier, the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or, in the case where the business is carried on by a partnership, before 1 January 2014, it is to be read as it read on 30 March 2010.

For the purposes of section 49 and subdivisions 1, 2 and 5 of Division II of Chapter V, the following rules apply:

(1)  a business carried on by a corporation after 31 December 2012 or, if it is earlier, the date preceding the date on which an election made by the corporation under the fourth paragraph of section 1029.8.36.166.62 of the Taxation Act becomes effective, or by a partnership after 31 December 2013 may not be an international financial centre operated by the corporation or partnership; and

(2)  if, in a taxation year, a corporation is a member of a partnership that operates an international financial centre in a fiscal period of the partnership that ends in that year and the corporation begins to benefit from the provisions of Division II.6.14.3 of Chapter III.1 of Title III of Book IX of Part I of the Taxation Act from a given time in the year, the partnership is deemed, in respect of the corporation, to have ceased to operate the international financial centre on the day preceding the given time in the year.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4; 2006, c. 36, s. 8; 2011, c. 1, s. 2.

2006-12-06

6. In this Act, an international financial centre means a business

(1)  that is carried on by a corporation or partnership, except a corporation that is exempt from tax for the year under Book VIII of Part I of the Taxation Act (chapter I-3), unless the corporation is an insurer described in paragraph k of section 998 of that Act that is not so exempt from tax on the totality of its taxable income for the year by reason of section 999.0.1 of that Act, or a partnership a member of which is such a tax-exempt corporation;

(2)  all the activities of which pertain to qualified international financial transactions;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the urban agglomeration of Montréal;

(4)  the activities of which are grouped together in one place within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation or partnership holds a certificate that is valid for a period that includes the time during which this definition applies.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation or partnership other than the place referred to in that subparagraph 4.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4; 2006, c. 36, s. 8.

2006-06-13

6. In this Act, an international financial centre means a business

(1)  that is carried on by a corporation or partnership;

(2)  all the activities of which pertain to qualified international financial transactions;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the urban agglomeration of Montréal;

(4)  the activities of which are grouped together in one place within the urban agglomeration of Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation or partnership holds a certificate that is valid for a period that includes the time during which this definition applies.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation or partnership other than the place referred to in that subparagraph 4.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6; 2006, c. 13, s. 4.

2005-12-13

6. In this Act, an international financial centre means a business

(1)  that is carried on by a corporation or partnership;

(2)  all the activities of which pertain to qualified international financial transactions;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the territory of Ville de Montréal;

(4)  the activities of which are grouped together in one place within the territory of Ville de Montréal; and

(5)  (subparagraph repealed);

(6)  in respect of which the corporation or partnership holds a certificate that is valid for a period that includes the time during which this definition applies.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation or partnership other than the place referred to in that subparagraph 4.

1999, c. 86, s. 6; 2004, c. 21, s. 6; 2005, c. 38, s. 6.

2004-11-03

6. In this Act, an international financial centre means a business

(1)  that is carried on by a corporation or partnership ;

(2)  all the activities of which pertain to qualified international financial transactions ;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the territory of Ville de Montréal ;

(4)  the activities of which are grouped together in one place within the territory of Ville de Montréal ;

(5)  in respect of which the corporation or partnership keeps a separate accounting of its operations attributable thereto ; and

(6)  in respect of which the corporation or partnership holds a certificate that is valid for a period that includes the time during which this definition applies.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction was initiated by a client who, for that purpose, went to an office or branch of the corporation or partnership other than the place referred to in that subparagraph 4.

1999, c. 86, s. 6; 2004, c. 21, s. 6.

1999-12-20

6. In this Act, an international financial centre means a business

(1)  that is carried on by a corporation or partnership ;

(2)  all the activities of which pertain to qualified international financial transactions ;

(3)  the management of the activities of which that lead to the completion of qualified international financial transactions carried out in the course of the operations of the business is conducted entirely within the territory of Ville de Montréal ;

(4)  the activities of which are grouped together in one place within the territory of Ville de Montréal ;

(5)  in respect of which the corporation or partnership keeps a separate accounting of its operations attributable thereto ; and

(6)  in respect of which the corporation or partnership holds a certificate that is valid for a period that includes the time during which this definition applies.

The conditions set out in subparagraphs 3 and 4 of the first paragraph shall not be considered not satisfied merely because a qualified international financial transaction described in paragraph 9 of section 7 was initiated by a client who, for that purpose, went to an office or branch of the corporation or partnership other than the place referred to in that subparagraph 4.

1999, c. 86, s. 6.