Ontario Bill 31 received Royal Assent on May 8, 2018.
Bill 31 includes miscellaneous tax measures that reflect a handful of federal tax changes that were recently enacted or proposed. Among other changes, this bill aligns Ontario's rules for determining a corporation's specified partnership income with federal changes to the definition. Those federal changes were enacted as part of the 2016 federal budget's measures to prevent corporations from multiplying the small business deduction, effective for taxation years beginning after March 21, 2016.
Corporate income tax measures in Bill 31 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes as of March 28, 2018, which is when the bill received first reading in the provincial legislature (since Ontario has a majority government). Corporate income tax measures in Bill 31 are considered enacted for U.S. GAAP purposes on May 8, 2018, the date the bill received Royal Assent.
Other measures included in Bill 31 include changes to:
For more information, contact your KPMG adviser.
Information is current to May 15, 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.