What are the Legacy Incentives?

What are the Legacy Incentives?

The Legacy Incentives refer to all legislated incentives that existed prior to January 1, 2014 that have been repealed.   Specifically, these incentives are: 

  • The Export Industry (Encouragement) Act
  • The Hotels (Incentives) Act
  • The Resort Cottages (Incentives) Act
  • The International Finance Companies (Tax Relief) Act
  • The Petroleum Refining Industry (Encouragement) Act
  • The Shipping (Incentives) Act
  • The Cement Industry (Encouragement) Act
  • The Motion Picture Industry (Encouragement) Act
  • The Income Tax Act (Approved Farmer Rules)
  • The Industrial Incentives Act
  • The Industrial Incentives (Factory Construction) Act 
  • The Foreign Sales Corporation Act 

These pieces of legislation were repealed as of January 1, 2014 and companies will no longer be able to benefit from the incentives.