Quebec Budget Bill 69 Receives Royal Assent | KPMG | CA

Quebec Budget Bill 69 Receives Royal Assent

Quebec Budget Bill 69 Receives Royal Assent

Canadian Tax Adviser, December 22, 2015. Quebec Bill 69, which enacts certain tax changes announced in Quebec's 2015 budget, received Royal Assent on December 4, 2015 and is therefore enacted for U.S. GAAP purposes as of this date. Bill 69 also includes measures announced in various information Bulletins published in 2014 and 2015, including changes to certain tax credits. Bill 69 is considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprises (ASPE) as of November 10, 2015, when it received first reading in the provincial legislature (as Quebec has a majority government).

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We understand that, among other changes, Bill 69 includes amendments to the rules for certain tax credits, including:

  • A two-year extension of the tax credit for the integration of information technologies in manufacturing SMEs and its extension to the primary sector
  • An Enhancement of the tax credit for experienced workers
  • A Standardization of the tax credit rates for SR&ED and the introduction of an excluded expense amount for the purpose of computing those credits
  • A Revision of the refundable tax credit for the development of e-business and the introduction of a non-refundable tax credit
  • A Revision of the solidarity tax credit terms
  • An Increase to the tax credit rate for on-the job training periods. 

Bill 69 also gives effect to harmonization measures announced in various 2013 and 2014 Information Bulletins and in Quebec's June 4, 2014 budget speech. 

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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