Canadian Tax Adviser, May 31, 2016 Newfoundland Bills 15, 16, 18, 21 and 23 enact certain measures that were announced in Newfoundland's 2016 budget, and they received first reading on May 19, 2016. Newfoundland Bill 20, which also enacts certain measures from Newfoundland's 2016 budget, received first reading on May 24, 2016. These bills are considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on the day when the bills received first reading in the provincial legislature (as Newfoundland has a majority government).
The bills contain legislation to:
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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