Bulletin d'information

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1 Bulletin d'information 101 Gouvernement du Québec D Ministère des Finances 96-1 January 26, 1996 Sujet: CONTINUATION OF THE REBATE OF THE QUÉBEC SALES TAX (QST) PAID BV LARGE BUSINESSES ON FUEL ACQUIRED IN QUÉBEC BUT USED OUTSIDE QUÉBEC AND OTHER FISCAL MEASURES REBATE OF THE QST PAID BV LARGE BUSINESSES ON FUEL ACQUIRED IN QUÉBEC BUT USED OUTSIDE QUÉBEC On July 5, 1995, the Québec government announced that the special provisions of the QST system under which inter-jurisdictional carriers on the one hand must pay the QST on fuel acquired outside Québec but used in Québec and, on the other, receive a rebate of the QST paid on fuel acquired in Québec but used outside Québec, would cease to apply to such carriers as of January 1, 1996, when Québec would become a member of the International Fuel Tax Agreement. However, the elimination of the rebate of the QST paid on fuel acquired in Québec but used outside Québec could have a harmful financial impact on certain large businesses that are QST registrants. Indeed, they will be unable to obtain input tax refunds for fuel before November 30, To avoid such financial impact on these large businesses for the period from January 1, 1996 to November 29, 1996 while at the same time encouraging their purchases of fuel in Québec, they will continue to be entitled for this period to a rebate of the QST paid on fuel acquired in Québec but used outside Québec. However, these businesses will continue not be required to pay QST on fuel acquired outside Québec but used in Québec..

2 - 2 - EASING OF THE NOTION OF REGISTERED PRIVÀTE TRAINING COMPANY FOR PURPOSES OF THE REFUNDABLE TRAINING TAX CREDIT (RTTC) Under existing tax rules, only a corporation or partnership ail of whose members are corporations can be registered as a private training company with the Société québécoise de développement de la main-d'oeuvre (SQOM) and thus qualify to offer, as a private trainer, training for which the RTTC can be claimed. This requirementis not stipulated in the Act to promote the development of manpower training. Accordingly, for instance, an individual can be certified by SQOM and éoh'sècfüëi1tly qualify to offer the training covered by the Act. The existence of two types of private trainers qualified to give training may prove to be an irritant for businesses moving from one system to another as a result of the graduai coming into force of the Act to promote the development of manpower training. The tax legislation will accordingly be amended so that the definition of "registered private training company" will henceforth include trainers certified after Oecember 31, 1995 by SQOM, as weil as corporations or partnerships ail of whose members are corporations. RECOGNITION OF A CORPORATION AS A LOAN CORPORATION FOR THE APPLICATION OF THE TAX ON CAPITAL The Québec tax system provides for special tax treatment for certain financial institutions, including loan corporations, as far as the tax on capital is concerned. The tax legislation defines a loan corporation as a corporation authorized by federal or provincial legislation to accept deposits from the public and allows the government to designate a particular corporation as a "Ioan corporation". The Société Crédit Bombardier Ltée acts as a financial intermediary in carrying out its activities involving the financing of equipment and goods described in business inventories, debt factoring and leasing, placing it in direct and daily competition with corporations currently designated as "Ioan corporations" for the application of the tax on capital. It is therefore important that the tax system treat ail competitors equally.

3 - 3 - Regarding a taxation year ending after the date of this release, the Société de Crédit Bombardier Ltée will therefore be subject to the tax on capital as a "Ioan corporation". EXTENSION OF DEADLINE FOR PAYMENT OF AN EMPLOYER'S ASSESSMENT UNDER THE ACT RESPECTING LABOUR STANDARDS Currently, in general, the Act respecting labour standards requires an employersubject to the Act to payan assessment to the Minister of Revenue of Québec in regard to the remuneration paid to anemployee during a calendaryear.this assessment must be paid no Ië.térthan thè day \ivhèri- the employêrmust make thelast payment of wlthholdings at source for wages he pays during such year. For many employers, this means that the assessment must be paid during the first weeks, if not the first days, of January of the following year. To give employers more time to meet their obligations under the Act respecting labour standards, employers will be allowed to pay the assessment required under the Act regarding remuneration paid in a calendar year no later than the last day of February of the year following such calendar year. However, in the special case in wich an employer ceases to carry on his business during a calendar year, payment of the assessment required of this employer under the Act respecting labour standards for remuneration paid during such year must be made no later than 30 days after the date he ceases to carry on his business. In the case of the death of an employer, payment must be made no later than 90 days after the date of death. - This change applies to remuneration paid beginning in the year 1996.

4 - 4 - GOVERNMENTOF CANADA NEWS RELEASES - Parameters for the calculation of automobile expenses and the taxable benefits that may result for the year 1996 On December 12, 1995, the Parliamentary Secretary of the federal Minister of Finance announced, in a news release:(1) -. an increase of two cents a kilometre in the limit relating to tax-exempt allowancespaid by the employer toan employeefor distance travelled in his automobile; - _. >." _ ". "-0-'-" _ "... _. _...'.'..." P',"" ~ an increase of one cent a kilometre in the prescribed rates for determining the employee benefit from the personal-use portion of operating expenses paid by employers in respect of automobiles provided to their employees; - that the other tax deduction limits for taxation year 1996 will remain unchanged compared to those applicable for taxation year ln general, Québec's tax legislation and regulations will be amended to incorporate, with adaptations on the basis of their general principles, the changes announced in this news release regarding taxation year The limits that apply to this year will accordingly be as follows: - $ for the capital cost ofa passenger vehicle for purposes of the depreciation deduction, before taking the federal and Québec sales taxes into account; - $650 per month in regard to lease expenses eligible for deduction, before taking the federal and Québec sales taxes into account; - $300 per month in regard to the maximum deduction for eligible interest in relation to amounts borrowed for the purchase of a passenger vehicle; 33 cents per kilometre for the first kilometres and 27 cents per additional kilometre, in regard to tax-exempt allowances paid by an employerto an employee. (1) Federal Department of Finance Release

5 - 5 - The fixed rates used to calculate the benefit relating to the operating expenses of an automobile an employee uses for personal purposes, wh en the automobile is provided by his employer, will be as follows for taxation year 1996: 10 cents per kilometre for those whose employment consists mainly in selling or leasing automobiles during the taxation year;. 13 cents per kilometre in other cases. - Notice of Ways and Means Motion of December 12, '-_... "-. ",,_.-.._ _" On December 12, 1995,(2) the federal Minister of Finance tabled a Notice of Ways and Means Motion in the House of Commons designed notably to implement certain tax measures announced in the February 27, 1995 budget. Last May 9,(3) the ministère des Finances du Québec gave its position on these measures and listed those that would be incorporated into Québec's tax legislation. Someof the legislative measures in this motion notice have not been announced by the Québec ministère des Finances, while others amend measures that have already been announced. Among others, this applies to: - the requirement to declare, on a prescribed form and by a certain deadline, expenditures relating to R&D activities;(4) - the definition of the expression "R&D activities". (5) (2) Federal Department of Finance Release dated December 13, (3) Budget Speech, Appendix A, p. 98. (4) Paragraph 9(10) of the Notice of Ways and Means Motion. (5) Paragraph 60(2) of the Notice of Ways and Means Motion.

6 - 6 - Québec's tax legislation will be amended to incorporate these two measures, with adaptations on the basis of their general principles. In addition, the other technical amendments contained in this motion notice relating to measures whose incorporation into Québec's tax legislation and regulations has already been announced by the ministère des Finances du Québec, will also be incorporated into this legislation and these regulations. However, these amendments, as weil as other technical amendments that may subsequently be made to this motion notice, will not be adopted until after the approval of any federallegislation arising from them and will be applicable on the same dates as for federal income tax purposes. - Changes to a technical draft bill released April 26, 1995 On July 5, 1995(6) the Québec Minister of Finance announced that amendments contained in a technical draft bill amending the Incorne Tax Act released April 26, 1995 would be incorporated into Québec's tax legislation. On December 14, 1995, the federal Minister of Finance issued a news release(7) announcing certain technical amendments to this draft bill. The proposed amendments affect three aspects of the draft bill: - the limited-recourse debt rules applying to tax shelters; - the treatment of taxpayers' losses on shares; and - the taxation of non-residents' gains on taxable Canadian property. Québec's tax legislation will be amended to incorporate, with adaptations on the basis of their general principles, the amendments announced in this news release. However, these amendments, as weil as other technical amendments that may subsequently be made to this draft bill, will not be adopted until after the approval of any federal legislation arising from them and will be applicable on the same dates as for federal income tax purposes. (6) Ministère des Finances Information Bulletin 95-4, pages 11 to 15. (7) Federal Department of Finance Release

7 Realization of losses relating to businesses of a commercial nature On December 20, 1995, thefederal Minister of Finance issued a news release(8) announcing his intention to propose amendments to the Incorne Tax Act concerning the valuation of assets described in the business inventory adventures in the nature of trade and of property held as an "adventure in the nature of trade". The amendments that will beproposed will stipulate notably thatthe rules applicable each year to the valuation of property described in the inventory of a business do not apply to property hèld as àn adveritüre in the nature of tradë, fljrther to thè decision Ilanded down by the Supreme Court of Canada in Jake Friesen v. Her Majesty the Queen. Québec's tax legislation will be amended to incorporate, with adaptations on the basis of their general principles, the amendments that will be announced further to this release. However, they will not be adopted until after the approval of any federallegislation arising from them and will be applicable on the same dates as for federal income tax purposes. (8) Federal Department of Finance Release

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