P.E.I. Bill 33 received Royal Assent June 12, 2018.
This bill includes some tax measures that were introduced in the province's 2018 budget. Bill 33 reduces P.E.I.'s small business tax rate to 4% (from 4.5%) effective January 1, 2018, among other changes. This bill does not include consequential changes to the province's dividend tax credit, nor does it contain any measures related to P.E.I.'s newly proposed small business investment grant.
The corporate income tax measures in Bill 33 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on May 4, 2018, which is when the bill received first reading in the provincial legislature (since P.E.I. has a majority government). The corporate income tax measures in Bill 33 are considered enacted for U.S. GAAP purposes on June 12, 2018, the date the bill received Royal Assent.
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Information is current to June 19, 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