Bill includes corporate tax changes announced in 2018 provincial budget
Manitoba's Bill 34 includes corporate tax changes that were announced in the province's 2018 budget. Although this bill received first reading on June 25, 2018, it was only recently published on August 15, 2018.
Because Manitoba did not publicly release the contents of Bill 34 until August 15, 2018 (approximately seven weeks after it received first reading), it may be reasonable to consider that this bill's corporate income tax measures are substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on that date. Under ordinary circumstances, the substantive enactment of these measures would have been on June 25, 2018, the date the bill received first reading (as Manitoba has a majority government).
The corporate income tax measures in Bill 34 include an increase to the small business deduction limit to $500,000 (from $450,000), effective January 1, 2019. The bill also includes a number of changes specific to credit unions. Among other things, this bill:
The bill also includes a number of changes affecting corporate income tax credits, such as:
For more information, contact your KPMG adviser.
Information is current to August 21, 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