Nova Scotia Bill 116 received Royal Assent on April 18, 2018.
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). Bill 116 is considered enacted for U.S. GAAP purposes on April 18, 2018, the date it received Royal Assent.
Corporate income tax measures
Bill 116 introduces the Innovation Equity Tax Credit, which will apply 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.
For more information, contact your KPMG adviser.
Information is current to April 24, 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