Quebec Fights Back Against Business Exodus With Tax Incentives
Quebec is boosting tax incentives for executives and businesses to stay in Canada’s second most-populous province after the loss of Rona Inc. and other prominent companies.
Premier Philippe Couillard is lowering levies on stock-option gains and transfers of family-owned businesses as part of policies aimed at keeping head offices in Quebec and nurturing more homegrown multinationals. Executives will be able to deduct 50 percent of those gains, up from 25 percent previously, in line with other provinces. Business owners will be given a grace period of up to 20 years for taxes on ownership transfers to family. Couillard, flanked by Finance Minister Carlos Leitao and Economy Minister Dominique Anglade, announced the measures in Quebec City Tuesday.