Canadian Tax Adviser, May 31, 2016 Nova Scotia Bill 174, which enacts certain measures announced in Nova Scotia's 2016 budget, received Royal Assent on May 20, 2016. This bill does not make changes to the personal or corporate tax rate. The bill contains legislation related to the food donation tax credit for individuals and corporations that carry on a farming business. It also contains increases to tobacco tax rates. Rules that parallel recent federal changes to the taxation of trusts and estates are included within the bill as well.
Bill 174 is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of May 3, 2016, when Bill 174 received first reading in the provincial legislature (as Nova Scotia has a majority government). Bill 174 is enacted for U.S. GAAP purposes on May 20 2016, the date the bill received Royal Assent.
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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