Canadian Tax Adviser, May 10, 2016 Bill 174, which proposes to enact certain measures announced in Nova Scotia's 2016 budget, received first reading on May 3, 2016. The bill contains legislation related to the food donation tax credit for individuals and corporations that carry on a farming business and increases to tobacco tax rates. Rules that will parallel recent federal changes to the taxation of trusts and estates are also included within the bill.
Corporate tax measures included in Bill 174 are considered to be substantively enacted for purposes of IFRS and ASPE as of May 3, 2016, which is when the bill received first reading (as Nova Scotia has a majority government).
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Information is current to May 10, 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