Following the Department of Finance Canada’s announcement in July 2020, Finances Québec issued on November 6, 2020, an Information Bulletin advising that there will be a harmonization with the anticipated amendments to the federal taxation regime pertaining to flow-through shares.
Amendments to the Québec tax legislation will be made following the enactment of the modifications to the federal tax legislation, but will come into effect on the same day as the new federal provisions with which they are being harmonized. The modifications to the Québec tax legislation will concede an additional 12-month delay to expend the eligible expenses that junior mining corporations will renounce in favour of flow-through shares investors.
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