Quebec’s government announced that it will amend its tax legislation to parallel the federal government’s measure – announced as part of the 2018 budget – to grind down the small business deduction limit for CCPCs having between $50,000 and $150,000 in investment income for taxation years that begin after 2018.
Quebec’s government announced the following:
Québec’s tax legislation will be amended to incorporate, with adaptations on the basis of its general principles, the measure pertaining to the lowering of the Canadian-controlled privatecorporation’s business limit on the basis of passive investment income. The amendments to Québec’s tax legislation will apply on the same date as that retained for the purposes of the provisions of the federal tax legislation with which they are harmonized (i.e., for taxation years that begin after 2018).
Click here to read Information Bulletin 2018-10 (published December 13, 2018)