Changes extend some tax credits, but also reduce the Manufacturing Investment Tax Credit
Manitoba's budget implementation bill received Royal Assent on June 3, 2019. Bill 16 includes income tax measures that were introduced in the Manitoba's 2019 provincial budget.
The corporate income tax measures in Bill 16 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on March 7, 2019, the date it received first reading, as Manitoba has a majority government. The corporate income tax measures in Bill 16 are considered enacted for U.S. GAAP purposes on June 3, 2019, the date the bill received Royal Assent.
Corporate tax measures
Bill 16 includes a corporate tax measure that reduces the refundable portion of the Manufacturing Investment Tax Credit to 7% (from 8%), effective for qualifying property acquired after June 30, 2019. The non-refundable portion remains at 1%. Among other measures, this bill also extends the following credits:
Other tax measures
Bill 16 also includes other tax measures announced in Manitoba's 2019 budget, including:
For more information, contact your KPMG adviser.
Information is current to June 11, 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