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2019 Ontario Budget Bill Receives Royal Assent

2019 Ontario Budget Bill Receives Royal Assent

More businesses may qualify for the Ontario Interactive Digital Media Credit

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Ontario's budget implementation bill received Royal Assent on May 29, 2019. As a result, certain measures announced in the province's 2019 budget are now enacted, including a decrease in the minimum Ontario labour expenditure required for a business to qualify as a specialized digital game corporation for the purposes of the Ontario Interactive Digital Media tax credit. The required minimum expenditure is now $500,000 (reduced from $1 million). This change is effective for taxation years beginning after April 11, 2019.

Corporate income tax measures in Bill 100 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes as of April 11, 2019, which is when the bill received first reading in the provincial legislature (since Ontario has a majority government). Corporate income tax measures in Bill 100 are considered enacted for U.S. GAAP purposes on May 29, 2019, the date the bill received Royal Assent.

Bill 100 also includes other tax measures announced in Ontario's 2019 budget, including measures to:

  • Introduce a new refundable Ontario Childcare Access and Relief from Expenses (CARE) personal income tax credit for taxation years ending after December 31, 2018
  • Eliminate Estate Administration Tax on the first $50,000 of an estate's value, where the application for the estate certificate is made on or after January 1, 2020.

For more information, contact your KPMG adviser.

Information is current to June 04, 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

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