Bill 11 has received Royal Assent and, among other changes, it will extend the small business venture capital tax credit by three years.
Among other changes, Bill 11 includes measures to extend the small business venture capital tax credit by three years (to the end of 2019), modify the interactive digital media tax credit, add a 35% interactive digital media tax credit for certain corporations that pay less than 25% of its wages to Manitoba employees and to change the Manitoba dividend tax credit for non-eligible dividends effective 2016 (to reflect federal changes).
Bill 11 is enacted for U.S. GAAP purposes on June 30, 2016, the date the bill received Royal Assent. Bill 11 was substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of June 15, 2016, when it received first reading in the provincial legislature (as Manitoba has a majority government).
For more information, contact your KPMG adviser.
Information is current to July 12, 2016.