Overhaul of the scientific research and experimental development (SR&ED) tax credit regime
Quebec’s Finance Minister on March 25, 2025, delivered the province’s 2025 budget.
Although the budget does not include any new changes to the corporate or individual (personal) income tax rates, it proposes an overhaul of the scientific research and experimental development (SR&ED) tax credit regime by introducing the tax credit for R&D, innovation and pre-commercialization (CRIC), and repealing several existing tax credits.
The budget would also extend the accelerated investment incentive and immediate expensing measures and make changes to the mining tax credit.
In addition, the budget introduces a new reporting obligation for Quebec taxpayers that hold foreign property.
Read a March 2025 report prepared by the KPMG member firm in Canada