EY Law LLP is a Canadian law firm, affiliated with Ernst & Young LLP in Canada. Both EY Law LLP and Ernst & Young LLP are Ontario limited liability partnerships. For more information about the global EY organization please visit www.ey.com.
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Tax Alert No. 53, 10 November 2020
In its 10 March 2020 budget, Quebec announced the introduction of a taxable income deduction for the commercialization of innovations in Quebec (IDCI). In brief, the IDCI is a deduction that will allow a qualified innovative corporation to benefit from a reduced effective tax rate of up to 2% on the qualified portion of its taxable income attributable to qualified intellectual property assets.
This Alert summarizes the new deduction based on the additional information provided by Finance Quebec in the budget documents. As of the date of this Tax Alert, draft legislation has not been released in respect of this new tax measure.
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Budget information: For up-to-date information on the federal, provincial and territorial budgets, visit ey.com/ca/Budget.
