Bill 177 received Royal Assent December 14, 2017.
This bill reduces the small business tax rate to 3.5% (from 4.5%) effective for 2018 as announced in the Ontario Fall Economic Update, among other changes.
Bill 177 received first reading in the provincial legislature on November 14, 2017. As a result, the corporate tax measures in Bill 177 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of November 14, 2017, since Ontario has a majority government. Bill 177 is considered enacted for U.S. GAAP purposes on December 14, 2017, the date it received Royal Assent.
Corporate tax measures
Ontario Bill 177 contains corporate tax measures to:
Other tax measures
Ontario Bill 177 also contains other tax measures affecting land transfer tax and eligibility for the apprenticeship training tax credit.
For more information, contact your KPMG adviser.
Information is current to December 19, 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