Canadian Tax Adviser, June 14, 2016 Newfoundland Bills 15, 16, 17 and 21 enact certain corporate tax measures and tax hikes that were announced in Newfoundland's 2016 budget, and they received Royal Assent on June 7, 2016. Bills 15, 16 and 21 received first reading on May 19, 2016 and Bill 17 received first reading on June 6, 2016. Each bill is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on the day when the bill received first reading in the provincial legislature (as Newfoundland has a majority government). Each bill is considered enacted, for U.S. GAAP purposes, on June 7, 2016, the date they received Royal Assent.
In addition, Newfoundland revised the threshold and levy amounts applicable to the temporary personal tax deficit reduction levy that was announced in its 2016 budget. This new levy is included in Bill 14, which received Royal Assent on June 7, 2016.
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Information is current to June 14, 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