Nova Scotia Bill 39 received first reading on October 11, 2017.
The bill includes most of the tax measures from the province's September 2017 budget.
The corporate income tax measures in Bill 39 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on October 11, 2017, the date it received first reading (as Nova Scotia has a majority government).
Corporate income tax measures
Bill 39 includes a measure to increase the small business income threshold to $500,000 (from $350,000), effective January 1, 2017.
Bill 39 does not include Nova Scotia's new innovation rebate measure. In its September 2017 budget, the province confirmed that it will proceed with a new innovation rebate program to help businesses invest in certain capital projects. This program was previously announced in the province's spring 2017 budget to provide a 15% rebate.
For more information, contact your KPMG adviser.
Information is current to October 17, 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