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Payroll tax credit – CFI
Payroll tax incentive for international financial sector employers in Montreal
Offered by
Revenu Québec
Record updated
- Funding available
- Varies by project
- Deadline
- Open continuously
- Location
- Montreal, Quebec, Canada
Overview
The Payroll Tax Credit – CFI provides financial support to eligible corporations specializing in international financial transactions established in the Montreal area, offering a tax credit on eligible salaries for full-time employees engaged in qualifying activities. The program is designed to encourage job creation in the international financial sector, though the maximum funding amount is not specified.
At a glance
Funding available
Varies by project
- Attract or retain talent
Eligible candidates
- Location
- Montreal
- Montréal
- Quebec
- Eligible Industries
- All industries
- Annual revenue
- All revenue ranges
- Organisation size
- 6 employees minimum
- Audience
- Startups
- Legal structures
- For-profit business
Start applying for this program
Take a practical assessment to gain a clear understanding of how well this program aligns with your specific needs and long-term goals.
Availability timeline
2026
Periods: 1
Eligibility
Who is eligible?
- Corporations specializing in international financial transactions
- Businesses operating as International Financial Centres (CFI) in the Montreal area
Who is not eligible
- Tax-exempt companies.
- Crown corporations or wholly owned subsidiaries of Crown corporations.
Eligible expenses
- Salaries paid to eligible employees related to international financial transactions or contracts.
Eligible geographic areas
- Companies operating within the agglomeration of Montreal.
Activities funded
- Conducting eligible international financial transactions as part of ongoing business operations.
- Carrying out administrative support activities directly linked to qualified international financial transactions.
- Undertaking activities related to contracts primarily focused on executing qualified international financial operations.
- Engaging in a combination of the above administrative and contractual activities within international financial services.
How to apply
- Step 1: Enter Credit Information in Corporate Tax ReturnInclude the name of the Payroll Tax Credit – CFI, its code (89), and the eligible amount on one of the lines 440p to 440y of your corporation's income tax return.
- Step 2: Gather Required DocumentsAttach the prescribed form "Crédit d'impôt relatif aux salaires – CFI (CO-1029.8.36.CI)" fully completed.
- Include a copy of the annual eligibility certificate from the Minister of Finance for the CFI's activities.
- Include a copy of the annual eligibility certificate from the Minister of Finance for each eligible employee.
- Prepare, but do not attach, detailed salary records for eligible employees (name, first name, social insurance number, amount paid).
- Prepare, but do not attach, proof that the tax credit received for a prior taxation year is included in the company's income if applicable.
- Step 3: Submit Application and Supporting DocumentsAttach all required documents to the corporation's income tax return for the relevant taxation year.
- If unable to attach documents with the tax return, send them separately by the later of: (a) 12 months after the tax return filing deadline for the taxation year or (b) three months after the issuance of the necessary certificate for the taxation year.
- Step 4: Transmission MethodsSend the tax return and supporting documents online using authorized software, in which case paper documents are not necessary.
- If submitting by mail, ensure all documents clearly indicate the company name, identification numbers, and fiscal year-end date.
- Whenever possible, submit all documents together in a single package to expedite processing.
Additional information
- If transmitting documents by mail, include the company name, identification numbers, and fiscal year-end date on each document.
- All documents should be sent together in a single package to expedite processing.
- Applications can also be submitted online through authorized software providers; physical documents are not required in this case.
- Requests will be processed only upon receipt of all required certificates, even if sent after the applicable deadline.
Frequently Asked Questions about the Payroll tax credit – CFI Program
What is the Payroll tax credit – CFI?
The Payroll Tax Credit – CFI provides financial support to eligible corporations specializing in international financial transactions established in the Montreal area, offering a tax credit on eligible salaries for full-time employees engaged in qualifying activities. The program is designed to encourage job creation in the international financial sector, though the maximum funding amount is not specified.
What is the deadline to apply?
The program is accepting continuous intake
Who is eligible for the Payroll tax credit – CFI program?
To be eligible for the Payroll tax credit – CFI program, you must:
Must have a valid certificate as an operator of an International Financial Centre (CFI) from the Minister of Finance.
Must carry out exclusively eligible international financial transactions or related administrative support activities within the Montreal area.
At all times, must employ at least six eligible full-time employees.
What expenses are eligible under Payroll tax credit – CFI?
Salaries paid to eligible employees related to international financial transactions or contracts.
Where is the Payroll tax credit – CFI available?
The Payroll tax credit – CFI program is available Montréal, Quebec.
Is the Payroll tax credit – CFI a grant, loan, or tax credit?
Payroll tax credit – CFI is a Tax Credits
Who are the financial supporters of the Payroll tax credit – CFI?
Payroll tax credit – CFI is funded by Revenu Québec