A concrete action plan is being implemented to develop the financial sector, which is of vital importance to economic development and job creation. Develop the mutual fund and portfolio management industry Tax assistance will be awarded to companies that create new mutual funds which are to be managed and administered in Qu bec. Revenues derived from these funds will be exempt from income tax on profits for a period of five years. The main tax benefits granted to IFCs will be guaranteed until at least 2008. The tax exemption granted to foreign specialists working in Montr al is extended from two years to four.
Financial institutions have training and research needs in highly specialized fields.
A training and research institute in financial mathematics and financial intermediation will be created to provide upgrading courses for professionals and managers already on the labour market and to conduct research targeting priority needs. This Budget bolsters the government's essential support for Qu bec culture. In addition, a tax credit will be introduced to promote the filming of foreign productions in Qu bec.