How much funding can be received?

There is no informations about how much funding can be received.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Payroll tax credit – CFI?

Payroll tax credit – CFI is funded by Revenu Québec

What are Payroll tax credit – CFI's eligibility criterias?

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.

Payroll tax credit – CFI

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Montréal, QC

Payroll tax incentive for international financial sector employers in Montreal

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Tax Credits

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Finance and insurance

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Revenu Québec

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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.

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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.

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The company must be specialized in international financial transactions and operate a business or part of a business established in the Montreal agglomeration.
All company activities must consist of eligible international financial transactions or contracts, or a mix of both eligible activities.
The company must obtain a certificate from the Minister of Finance as an operator of an international financial centre (CFI).
The company must receive an annual certificate from the Minister of Finance confirming its valid CFI operator certificate and that it carries out eligible activities requiring a minimum of six full-time eligible employees at all times.

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Corporations specializing in international financial transactions
Businesses operating as International Financial Centres (CFI) in the Montreal area

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Tax-exempt companies.
Crown corporations or wholly owned subsidiaries of Crown corporations.

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Salaries paid to eligible employees related to international financial transactions or contracts.

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Companies operating within the agglomeration of Montreal.

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Enter tax credit information

Enter the name of the tax credit on one of lines 440p to 440y of the corporate income tax return
Indicate the tax credit code (89) and the claimed amount in the designated spaces

Assemble required documents

Attach the prescribed form CO-1029.8.36.CI to the tax return
Attach a copy of the eligibility certificate issued by the Minister of Finance for the CFI’s activities for the year
Attach a copy of the eligibility certificate issued by the Minister of Finance for each eligible employee for the year
Prepare and retain detailed payroll records for eligible employees
Prepare proof that the tax credit is included in the company’s income if applicable

Submit documents with tax return

Attach all prescribed documents to the corporate tax return
If unable to attach, send the documents no later than the deadline: the later of 12 months after the filing deadline or 3 months after the eligibility certificate is issued
Include the company name, identification and file numbers, and fiscal year-end date on all mailed documents
Prefer sending all documents in one package for faster processing
Electronic submission is permitted if software supports it; paper documents are not needed in this case

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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.