close
Share with your friends

First Reading for Two Nova Scotia 2019 Budget Bills

First Reading for Two Nova Scotia 2019 Budget Bills

The Equity Tax Credit is being eliminated, while the new Venture Capital Tax Credit is being introduced

1000

Related content

Nova Scotia Bills 136 and Bill 139 received first reading on April 4, 2019. These two bills include all of the income tax measures that were recently announced in the province's recent 2019 budget.

The corporate income tax measures in Bill 136 and Bill 139 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on April 4, 2019, the date the bill received first reading (as Nova Scotia has a majority government).

Corporate income tax measures
Bill 136 eliminates the Equity Tax Credit for investments in associations and corporations (other than community economic-development corporations), as of December 31, 2019.

Bill 139 introduces a Venture Capital Tax Credit, which is a non-refundable 15% income tax credit on qualifying investments made after March 31, 2019 and before April 1, 2024. The credit may be claimed by corporations and individuals who invest in a Venture Capital Corporation or Funds. This bill also extends the non-refundable Innovation Equity Tax Credit to corporations, effective April 1, 2019.

For more information, contact your KPMG adviser.

Information is current to April 09, 2019. 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

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal