Nova Scotia Bill 39 received Royal Assent on October 26, 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 the purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on October 11, 2017, the date the bill received first reading (as Nova Scotia has a majority government). Bill 39 is considered enacted for U.S. GAAP purposes on October 26, 2017, the date it received Royal Assent.
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.
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Information is current to October 31, 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