Tax Accounting Handy Summary of Tax Rates for 2015-2016 | KPMG | CA

Tax Accounting — Handy Summary of Tax Rates for 2015-2016

Tax Accounting Handy Summary of Tax Rates for 2015-2016

January 5, 2016,No. 2016-01.If you are involved in preparing financial reports for corporations or other organizations, certain 2015 income tax changes may need to be reflected in your year-end financial statements under International Financial Reporting Standards (IFRS), Accounting Standards for Private Enterprises (ASPE) or U.S. generally accepted accounting principles (U.S. GAAP).

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When do new tax measures have to be taken into account?

Under IFRS and ASPE, the tax effect of changes in tax law and rates is recognized for accounting purposes in the period that includes the date that the changes were substantively enacted. Under U.S. GAAP, tax law and rate changes are recognized in the period that includes the date that the changes were enacted. 

Corporate tax rates for 2015

Only the 2015 federal, Quebec and Alberta budgets announced corporate tax rate changes. While most of the tax rate changes in the 2015 provincial budgets have been enacted, it is noteworthy that Quebec has not yet introduced legislation to implement its planned general corporate tax rate reduction beginning January 1, 2017, which is therefore not yet considered substantively enacted or enacted. 

Download this edition of the TaxNewsFlash to learn more.[PDF 167 KB]

Disclaimer

Information is current to December 31, 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.

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