The first bill to reflect 2018’s federal budget received first reading March 27, 2018.
Bill C-74 includes certain previously announced tax measures, such as reductions to the small business tax rate in 2018 and 2019 and the tax on split income rules (TOSI). Bill C-74's tax measures were initially released on March 22, 2018 as a notice of ways and means motion (NWMM).
Since Bill C-74 received first reading on March 27, 2018, the corporate income tax measures included in the bill are considered to be substantively enacted for purposes of IFRS and ASPE as of this date (since Canada has a majority government).
This bill includes measures from the 2018 federal budget and other measures including income tax amendments to:
The following 2018 budget measures are still outstanding:
For more information, contact your KPMG adviser.
Information is current to April 03, 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