2017 Federal Budget Bill #1 Receives Royal Assent

2017 Federal Budget Bill #1 Receives Royal Assent

Bill C-44 received Royal Assent on June 22, 2017.

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This is the first bill to enact proposals that were introduced during the 2017 federal budget and it contains most of the budget's personal tax and GST/HST measures. However, while some of the 2017 budget's corporate tax measures have been included in Bill C-44, the bulk of these corporate tax measures remain outstanding.

 

The bill's corporate tax measures are considered substantively enacted for purposes of IFRS and ASPE on April 11, 2017, the date it received first reading (as Canada has a majority government). Bill C-44 is considered enacted for U.S. GAAP purposes on June 22, 2017, the date it received Royal Assent.

 

The corporate tax measures in Bill C-44 include:

  • The elimination of the additional deduction for corporations regarding gifts of medicine to charities 
  • The elimination of the investment tax credit for the creation of child care spaces 
  • The elimination of a tax exemption for farming and fishing property insurers 
  • Measures concerning the electronic distribution of T4 information slips.

 

Bill C-44 contains the same legislation as the Notice of Ways and Means Motion released on April 7, 2017.

 

For more information, contact your KPMG adviser.

 

Information is current to June 27, 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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