Alberta Bill 30, enacting certain Alberta 2016 budget measures, has received Royal Assent.
Bill 30 enacts the new Capital Investment Tax Credit (CITC) and Alberta Investor Tax Credit (AITC).
The CITC is a new 10% non-refundable tax credit for Alberta corporations that invest in eligible capital assets, such as buildings, equipment, and machinery. To be considered, eligible corporations must apply for conditional approval for this credit before making the investment.
The AITC is a new 30% tax credit for investments that are made by corporations or individuals, on or after April 14, 2016, in Albertan small businesses that are substantially engaged in research, development or the commercialization of new technology, new products or new processes. The AITC is also available for investments in Albertan small businesses that are engaged in interactive digital media development, video post-production, digital animation or tourism.
Bill 30 is considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of November 8, 2016, when it received first reading in the provincial legislature (as Alberta has a majority government). Bill 30 is considered enacted for U.S. GAAP purposes as of December 9, 2016, the date the bill received Royal Assent.
For more information, contact your KPMG adviser.
Information is current to December 20, 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