Saskatchewan Bill 58 received Royal Assent on April 13, 2017.
This bill increases the corporation capital tax rate on large financial institutions. The increased rate of 4% (from 3.25%) is effective for the period commencing on April 1, 2017.
The bill's corporate capital tax rate increase is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on March 29, 2017, the day it received first reading (as Saskatchewan has a majority government). Bill 58 is considered enacted for U.S. GAAP purposes on April 13, 2017, the date it received Royal Assent.
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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