B.C. Bill 14 received royal assent on May 17, 2018.
Bill 14 includes an amendment aligning the province's rules for determining a corporation's specified partnership income with federal changes to that definition. This federal amendment was enacted as part of the 2016 federal budget's measures to prevent corporations from multiplying the small business deduction, effective for taxation years beginning after March 21, 2016. The bill also amends the definition of "excluded expense" for the purposes of calculating the mining exploration tax credit.
The corporate income tax measures included in the bill are substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on April 19, 2018, the date it received third reading (as British Columbia has a minority government) and enacted for U.S. GAAP purposes as of May 17, 2018 (the date it received Royal Assent).
Note that many of the province's 2018 budget measures were previously included in British Columbia Bill 2, which received Royal Assent on March 15, 2018.
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Information is current to May 22, 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