Objective of the IFC program
The IFC tax program's objective is to facilitate the establishment and development, within the urban agglomeration of Montréal, of corporations specializing in international financial transactions. The IFC tax program allows corporations performing qualified international financial transactions (QIFTs) to benefit from a refundable tax credit representing 24% of an eligible employee's salary, up to a maximum tax credit of $16,000 for a yearly salary of $66,667, as long as those corporations employ at least six employees.
An IFC corporation is defined through its operations. Recognized activities comprise 25 transactions that go beyond the traditional banking operations. Close to 60 companies are certified as IFCs in Montréal, and approximately 900 accredited employees carry out qualified international financial transactions.
Prospecting and reception services
The Finance Montréal business development team travels throughout the world with a focus on North America and Western Europe to meet hundreds of decision makers in financial firms each year and introduce them to what Montréal has to offer. Since 2008, such meetings have been held with executives of more than 500 companies in over 10 countries. In addition, the team hosts missions involving potentially interested financial companies and works with their executives as they seek to qualify as IFCs and learn more about potential Montréal business partners in their field. In addition, the team conducts and organizes meetings and networking events for IFCs already operating in Montréal to facilitate their integration and assist in the development of their projects.