Tax Credit for the Transformation of a ship

A society which, in the taxation year, has an establishment in Québec and carries on a ship conversion business can, under certain conditions, claim a refundable tax credit for the transformation of a vessel for which a Certificate of eligibility has been issued by the Minister of Finance and Economy or the Minister of Economy, Innovation and Exports.

• The tax credit rate applicable to transformation expenditures are: 37.5% for the prototype vessel; 33.75% for the first additional ship; 30% for the second additional ship; 26.25% for the third additional ship.
• In addition, limitations related to transformation cost at the end of the tax year are: 18.75% for the prototype vessel; 16.875% for the first additional ship; 15% for the second additional ship; 13.125% for third additional ship.

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