Quebec Bill 112 received royal assent on February 8, 2017.
The bill implements several measures that were announced in the province's 2016 and 2015 budgets and in various Information Bulletins published in 2014, 2015 and 2016.
The provisions are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of November 15, 2016, when the bill received first reading in the provincial legislature (as Quebec has a majority government). Bill 112 is considered enacted for U.S. GAAP purposes on February 8, 2017, the date the bill received Royal Assent.
The tax measures covered in Bill 112 include:
Bill 112 does not contain the following measures from the province's 2016 budget: the rate deduction for qualifying innovative manufacturing corporations, and the temporary refundable tax credit for major digital transformation projects.
For more information, contact your KPMG adviser.
Information is current to February 21, 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