Saskatchewan Bill 22, which includes certain measures announced in Saskatchewan's 2016 Budget, received Royal Assent on June 30, 2016.
The provisions in Bill 22 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of June 6, 2016, when it received first reading in the Saskatchewan legislature (as Saskatchewan has a majority government). Bill 22 is enacted for U.S. GAAP purposes on June 30, 2016, the date the bill received Royal Assent.
Bill 22 includes certain technical amendments that clarify the Manufacturing and Processing Exporter Hiring Incentive, the Manufacturing and Processing Exporter Head Office Incentive and the Primary Steel Production Rebate, all of which were introduced in the Saskatchewan 2015 Budget.
Other tax measures in Bill 22 include adjustments to the Saskatchewan dividend tax credit rate for non-eligible dividends for the 2016 and subsequent taxation years.
For more information, contact your KPMG adviser.
Information is current to July 12, 2016.