2016 B.C. Budget Bill Receives Royal Assent | KPMG | CA

2016 B.C. Budget Bill Receives Royal Assent

2016 B.C. Budget Bill Receives Royal Assent

Canadian Tax Adviser, March 21, 2016. Bill 10, which implements certain measures in British Columbia's 2016 budget, received Royal Assent on March 10, 2016. The bill includes measures to extend the mining exploration tax credit to the end of 2019 and extend the B.C. mining flow-through share tax credit to the end of 2016. It also includes measures to increase the property transfer tax rate on the portion of the property's value that exceeds $2 million.

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The corporate tax provisions in Bill 10 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of February 16, 2016, when Bill 10 received first reading in the provincial legislature (as British Columbia has a majority government). Bill 10 is enacted for U.S. GAAP purposes on March 10, 2016, the date the bill received Royal Assent.

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Disclaimer

Information is current to March 21, 2016. 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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