Payroll tax credit – CFI
grant_single|update May 9, 2025
Montréal, QC
Payroll tax incentive for international financial sector employers in Montreal
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
- Finance and insurance
grant_single|grantors
- Revenu Québec
grant_single|status
grant_card_status|open
grant_single_labels|preview
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.
grant_single_labels|projects
- 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.
grant_single_labels|admissibility
- 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.
grant_eligibility_criteria|who_can_apply
- Corporations specializing in international financial transactions
- Businesses operating as International Financial Centres (CFI) in the Montreal area
grant_eligibility_criteria|who_cannot_apply
- Tax-exempt companies.
- Crown corporations or wholly owned subsidiaries of Crown corporations.
grant_eligibility_criteria|eligible_expenses
- Salaries paid to eligible employees related to international financial transactions or contracts.
grant_eligibility_criteria|zone
- Companies operating within the agglomeration of Montreal.
grant_single_labels|apply
1
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
2
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
3
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
grant_single_labels|otherInfo
- 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.
Apply to this program
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