Saskatchewan Budget Bill Receives Royal Assent | KPMG | GLOBAL

Saskatchewan Budget Bill Receives Royal Assent

Saskatchewan Budget Bill Receives Royal Assent

Saskatchewan Bill 69 received Royal Assent on May 17, 2017.

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This bill, which implements most of the tax changes in the province's 2017 budget as well as some additional measures, reduces the general provincial corporate income tax rate by 0.5% effective July 1, 2017 (with a further reduction by another 0.5% effective July 1, 2019), introduces a new refundable provincial 10% Research and Development Tax Credit effective April 1, 2017, and introduces a new patent box regime effective January 1, 2017. For more details on tax measures included in Bill 69.

The bill is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on April 13, 2017, the date it received first reading (as Saskatchewan has a majority government). Bill 69 is considered enacted for U.S. GAAP purposes on May 17, 2017, the date it received Royal Assent.

For more information, contact your KPMG adviser.

Information is current to May 23, 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

© 2017 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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