Saskatchewan Bill 22, which includes certain measures announced in Saskatchewan's 2016 Budget, received first reading on June 6, 2016.
Bill 22 is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on the date it received first reading in the provincial legislature (as Saskatchewan has a majority government).
Bill 22 also includes measures to adjust the Saskatchewan dividend tax credit rate for non-eligible dividends effective January 1, 2016 in response to the change to the federal gross-up rate for non-eligible dividends, effective January 1, 2016. The federal gross-up change was made consequential to the 2016 federal budget measure which holds the small business tax rate for the 2016 and subsequent taxation years at 10.5%.
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Information is current to June 28, 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.