June 19, 2015 No. 2015-24. Alberta has introduced new tax brackets including a personal top marginal bracket of 15% that will be phased in for the 2015 tax year, and increased the corporate income tax rate to 12% (from 10%) effective July 1, 2015, among other changes. These amendments are consistent with election campaign promises made before Alberta’s election on May 5, 2015. Alberta is expected to release a budget in fall 2015.
These new tax measures are included in Alberta Bill 2, which received first reading on June 18, 2015. The corporate tax increase is therefore considered substantively enacted for purposes of International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE) as of this date (as Alberta has a majority government). Highlights of tax measures in Bill 2 are summarized below.
Alberta’s 2015 budget, originally presented on March 26, 2015, was not passed into law before the NDP party’s majority provincial election win on May 5, 2015. As a result, the previous government’s budget proposals are considered dead.
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Information is current to June 19, 2015. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.