Canadian Tax Adviser, April 26, 2016 Bill C-15, which reflects some of the proposals introduced by the 2016 federal budget, received first reading on April 20, 2016. The bill also includes several outstanding 2015 federal budget measures, such as changes under the Income Tax Act affecting the taxation of inter-corporate dividends under section 55, withholding tax requirements for non-resident employers (in the form of an amendment to section 153), and the dividend rental arrangement rules under section 112. This article provides details about what was included in the bill, as well as a recap of current outstanding federal legislation.
Since Bill C-15 received first reading on April 20, 2016, the corporate tax measures that it introduces are considered to be substantively enacted for purposes of IFRS and ASPE as of this date (as Canada has a majority Liberal government).
The bill was first released as a Notice of Ways and Means Motion on April 18, 2016.
The proposed legislation in Bill C-15 includes corporate tax measures under the Income Tax Act to:
The proposed legislation in Bill C-15 also includes other tax measures to:
The proposed legislation in Bill C-15 also includes amendments to the Excise Tax Act, including tax measures to:
Proposed legislation in Bill C-15 for non-tax measures include measures to:
For more information, contact your KPMG adviser.
Information is current to April 26, 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