Québec Finance Holding Corporation Rule and Reassessment Periods Harmonization
Tax Development Nov 07, 2018
Tax Development Nov 07, 2018
Québec Finance released Information Bulletin 2018-8 “Harmonization With News Release 2018-065 of The Department of Finance Canada” in order to ensure consistency with the GST/HST. The Department of Finance Canada issued a press release, draft legislation and regulatory proposals concerning changes to the GST/HST holding corporation rules, rebate for printed books and time limits for assessments on July 27, 2018. The Québec government confirmed changes will be made to the QST system to incorporate the holding corporation and time limits for assessment rules, with adaptations to account for specific features of the QST, once the GST/HST rules receive royal assent.
The province noted that the announced federal changes related to the rebate for printed books will not be made to the QST system as these changes are not necessary based on the rules that currently exist in the Québec legislation.
Additional information regarding the federal government’s proposals for holding corporations, rebate for printed books and time limits for assessments are available at the following links:
Department of Finance Proposes New Rules Concerning GST/HST and Holding Corporations