Canadian Tax Adviser, December 08, 2015. Ontario Bill 144 enacts certain tax changes from the province's 2015 budget, and received first reading on November 18, 2015. Due to the fact that Ontario has a majority government, changes to corporate income tax measures that have a bearing on client financial statements are now considered substantively enacted for purposes of IFRS and Canadian GAAP. This is the second bill to enact changes in the province’s 2015 budget. The first was Bill 91, which received Royal Assent on June 4, 2014. More details can be found in the TaxNewsFlash “Highlights of the 2015 Ontario Budget.”
Among other changes, Bill 144:
Some budget changes that have still not been legislated yet include:
For more information, contact your KPMG adviser.
Information is current to December 08, 2015. The information contained in this publication 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