Ontario Bill 31 received first reading on March 28, 2018.
Bill 31 includes miscellaneous tax measures to reflect a handful of recently enacted and proposed federal tax changes. Among other changes, the bill includes an amendment to align the province's rules for determining a corporation's specified partnership income with federal changes to the definition that were enacted as part of the 2016 federal budget measures to prevent corporations from multiplying the small business deduction, effective for taxation years beginning after March 21, 2016.
The corporate income tax measures included in the bill are substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of March 28, 2018, the date it received first reading (as Ontario has a majority government).
Other measures included in Bill 31 include changes to:
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Information is current to April 03, 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