Saskatchewan Bill 58 hikes large financial institutions' corporation capital tax rate.
The increased rate of 4% (from 3.25%) is effective for the period commencing on April 1, 2017. This measure was previously announced in the province's 2017 budget; however, please note that this bill does not contain any of the budget's other proposed changes.
Bill 58 received first reading on March 29, 2017. As a result, the 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).
For more information, contact your KPMG adviser.
Information is current to April 11, 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