Temporary exemption

Newly formed corporations that meet certain conditions, and whose first taxation year began before March 30, 2004, are entitled to a five-year exemption from:

• the income tax applicable to 75% of the first $200,000 in income
• the tax on capital applicable to 75% of the first $3 million in paid-up capital
• the employer contribution to the health services fund applicable to 75% of the first $700,000 in wages paid or deemed paid

Important

As this measure was abolished on March 30, 2004, only a corporation whose first taxation year began before that day may claim these exemptions.