Ontario Budget Bill #2 Receives Royal Assent | KPMG | CA

Ontario Budget Bill #2 Receives Royal Assent

Ontario Budget Bill #2 Receives Royal Assent

Canadian Tax Adviser, December 22, 2015. Ontario Bill 144, which enacts certain tax changes from the province's 2015 budget, received Royal Assent on December 10, 2015, and is therefore enacted for U.S. GAAP purposes on this date. Among other changes, Bill 144 includes measures to.

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Amend the applicable tax rates related to a mutual fund trust's Ontario capital gains refund, beginning after 2015

Amend the conditions for the Ontario interactive digital media tax credit

Treat certain government payments as excluded government assistance for the purposes of the Ontario computer animation and special effects tax credit. 

Bill 144 received first reading on November 18, 2015 and is therefore considered substantively enacted for the purposes of IFRS and ASPE as of this first reading date (Ontario has a majority government).

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.”

For more information, contact your KPMG adviser.

 

Disclaimer

Information is current to December 22, 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

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