Saskatchewan Bill 127 received Royal Assent on May 30, 2018.
Bill 127 introduces two non-refundable tax credits that were announced in Saskatchewan's 2018 provincial budget-the Saskatchewan Technology Start-up Incentive (STSI) and the Saskatchewan Value-added Agriculture Incentive (SVAI). Bill 127 harmonizes the province's corporate tax legislation for claiming the small business deduction with 2016 federal amendments to the small business deduction rules. It also includes several other measures announced in the province's 2018 budget.
The corporate income tax measures in Bill 127 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on April 23, 2018, which is when the bill received first reading in the provincial legislature (since Saskatchewan has a majority government). The corporate income tax measures in Bill 127 are considered enacted for U.S. GAAP purposes on May 30, 2018, the date the bill received Royal Assent.
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Information is current to June 05, 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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