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ARTICLE · 02 JANUARY 2018

Partnership Exemption From Québec Transfer Duties

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These amendments will certainly be well-received by real estate owners because they ensure a neutral and equitable tax treatment for common holding structures.

CanadaReal Estate and Construction
Elias Benhamou
Elias Benhamou
Fred Purkey
Fred Purkey
Marie-Emmanuelle Vaillancourt
Marie-Emmanuelle Vaillancourt
Anthony Arquin
Anthony Arquin
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Québec's Minister of Finance has published Information Bulletin 2017-14 (Bulletin), which addresses the legislative gaps in the Act respecting duties on transfers of immovables (Act) – namely, the absence of an exemption from transfer duties when partnerships take part in transfers of immovables.

The Bulletin, which was published on December 20, 2017, announced that the Act will be amended to introduce exemptions from transfer duties applicable to partnerships (namely, general partnerships, limited partnerships and undeclared partnerships) in circumstances similar to the current exemptions applicable to transfers involving corporations.

The newly introduced exemptions apply to transfers of immovables occurring in the province of Québec on or after December 21, 2017, between the following persons:

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