Bill C-44 received first reading on April 11, 2017.
This is the first bill to reflect proposals that were introduced during the 2017 federal budget and it contains most of the budget's personal tax and GST/HST measures. However, while some of the 2017 budget's corporate tax measures have been included in Bill C-44, the bulk of these corporate tax measures have not yet been included in a bill.
Since Bill C-44 received first reading on April 11, 2017, the corporate tax measures that it introduces are considered to be substantively enacted for purposes of IFRS and ASPE as of this date (as Canada has a majority Liberal government). These measures include:
Bill C-44 contains the same legislation as the Notice of Ways and Means Motion released on April 7, 2017.
For more information, contact your KPMG adviser.
Information is current to April 18, 2017. 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