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Nova Scotia Budget Bill Receives First Reading

Nova Scotia Budget Bill Receives First Reading

Nova Scotia Bill 116 received first reading on April 6, 2018.

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This bill includes all of the tax measures that were recently announced in the province's recent 2018 budget.

The corporate income tax measures in Bill 116 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on April 6, 2018, the date the bill received first reading (as Nova Scotia has a majority government).

Corporate income tax measures
Bill 116 introduces the Innovation Equity Tax Credit, which applies in respect of eligible investments made after December 31, 2018 and before March 1, 2024. However the related regulations, which will contain most of the details of the credit, are not yet available. This new Innovation Equity Tax Credit replaces the Equity Tax Credit, which the province announced will be phased out over time. No measures relating to this phase-out are included in Bill 116.

Other tax measures
Among other changes, Bill 116:

  • Removes the $10,000 maximum limit on the medical expenses tax credit for financially dependent relatives
  • Increases the spousal amount and dependent amount for determining an individual's non-refundable tax credits
  • Extends the limitation period for refunding an overpayment under the Capital Tax Act, to ten years (from four)
  • Allows the Minister to enter into a cannabis taxation agreement under the Cannabis Tax Act.

For more information, contact your KPMG adviser.

Information is current to April 10, 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

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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