2018 B.C. Budget Bill Receives Royal Assent | KPMG | CA
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2018 B.C. Budget Bill Receives Royal Assent

2018 B.C. Budget Bill Receives Royal Assent

B.C. Bill 2 received third reading on March 14, 2018 and Royal Assent on March 15, 2018.

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Bill 2 includes many of the measures announced in the province's 2018 budget. The corporate income tax measures included in the bill are substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on March 14, 2018, the date it received third reading (as British Columbia has a minority government) and enacted for U.S. GAAP purposes as of March 15, 2018 (the date it received Royal Assent).

B.C. Bill 2 does not include any legislation for the new housing speculation tax, the changes to the Medical Services Plan premiums, or new Employer Health Tax.

Corporate income tax measures
B.C. Bill 2 does not include any changes to British Columbia's corporate income tax rates, but does include a number of measures affecting corporate tax credits, including measures to:

  • Extend the interactive digital media tax credit for five years to August 31, 2023
  • Extend the book publishing tax credit for three years to March 31, 2021
  • Expand the Film Incentive B.C. tax credit to include scriptwriting expenditures incurred by a corporation on or after February 21, 2018 on B.C. labour prior to the completion of the final script stage of the production.

For more information, contact your KPMG adviser.

Information is current to March 20, 2018. 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

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