Alberta Bill 20, which enacts certain tax measures from the Alberta 2016 budget, received Royal Assent on June 13, 2016.
Bill 20 is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on May 24, 2016, which is the day it received first reading in the provincial legislature (as Alberta has a majority government).
The bulk of Bill 20 enacts a carbon levy that will take effect on January 1, 2017; however, the bill also amends the Alberta Corporate Tax Act to reduce Alberta's small business corporate income tax rate, from 3% to 2%, effective January 1, 2017. Alberta has stated that this decrease is intended to help businesses adjust to the carbon levy.
For more information, contact your KPMG adviser.
Information is current to June 21, 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.