New Québec Transfer Duty Regulations

The Quebec government has deposited new regulations to give effect to measures ann‎ounced in the March budget.

Among the clarifications are confirming that exemptions for inter corporate transfers are based on 90 per cent issued shares and not voting shares, a trigger on change of control within 24 months of an exempt transfer, clarifying that options to purchase shares are captured within the anti-avoidance provisions as well as clarifying that amalgamations are exempt transfers.

No relief was included for transfers among closely related limited partnerships‎.

Share purchases which are not accompanied by an off title transfer of beneficial ownership will generally continue to be exempt.