Canadian Tax Adviser, May 31, 2016 B.C. Bill 25 which enacts, among other things, the B.C. film credit reductions, received Royal Assent on May 19, 2016. Bill 25 is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of May 2, 2016, when it received first reading in the provincial legislature (British Columbia has a majority government). Bill 25 is also considered to be enacted for U.S. GAAP purposes on May 19, 2016, the date the bill received Royal Assent.
This bill implements previously announced film tax credit reductions; however, the determination of the tax credit rates are based, in part, on rates prescribed in related regulations.
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Information is current to May 31, 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