Finance tabled a Notice of Ways and Means Motion (NWMM) on April 7, 2017.
The 66-page NWMM (and 43-page Explanatory Notes) sets out selected measures announced in the 2017 budget as draft legislation. It contains most of the budget's personal tax measures and GST/HST changes. Notably, however, most of the budget's corporate tax measures have not been included in the draft legislation.
The NWMM does not include any new information on the 2017 federal budget's proposed review of tax planning for private corporations.
The NWMM was tabled as Bill C-44 on April 11, 2017. Since Bill C-44 received first reading on April 11, 2017, the corporate tax measures that it introduces are considered to be substantively enacted for purposes of IFRS and ASPE as of this date (as Canada has a majority Liberal government).
Included in the NWMM
Corporate tax measures
2017 federal budget corporate tax measures within the NWMM include:
Personal tax measures
The 2017 federal budget personal measures in the NWMM include:
The GST/HST measures in the NWMM include:
Not included in the NWMM
The NWMM does not contain the following corporate measures that were included in the 2017 budget:
Regarding personal tax measures, the NWMM does not include the new anti-avoidance rules for registered plans, which were included in the 2017 federal budget and the proposed changes to the ecological gifts program.
A GST/HST and Customs measure that was proposed in the 2017 federal budget but not contained in the NWMM, refers to proposed changes to the rules of origin for "least developed" countries under Canada's tariff regime.
For more information, contact your KPMG adviser.
Information is current to April 11, 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
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