Ontario Bill 127 received Royal Assent on May 17, 2017.
This bill enacts all of Ontario's 2017 budget corporate tax measures, including measures to amend the Employer Health Tax exemption, parallel certain changes made to the federal small business deduction and clarify eligibility for the Ontario Computer Animation and Special Effects Tax Credit.
The bill's corporate tax measures are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on April 27, 2017, the date it received first reading (as Ontario has a majority government). Bill 127 is considered enacted for U.S. GAAP purposes on May 17, 2017, the date it received Royal Assent.
Bill 127 also contains some personal tax measures announced in Ontario's 2017 budget, including changes to the prorating of the amount of the Ontario Tax Reduction to which multi-jurisdictional tax filers are entitled and changes to the method of calculating the surtax payable by multi-jurisdictional tax filers.
For more information, contact your KPMG adviser.
Information is current to May 23, 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