Certain tax measures outlined in British Columbia’s 2020 budget are now enacted
British Columbia's Bill 4 received Royal Assent on August 14, 2020. As a result, several tax measures introduced in the province's 2020 budget are now law.
The corporate income tax measures included in Bill 4 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on July 28, 2020, the date the bill received third reading, as British Columbia has a minority government. The corporate income tax measures are considered enacted for U.S. GAAP purposes on August 14, 2020, the date the bill received Royal Assent.
Corporate income tax measures
Bill 4 includes administrative amendments applicable for corporate taxpayers intending to claim the film production services tax credit. The bill also extends the training tax credits for employers to the end of 2022 (from 2019).
Other tax measures
Bill 4 includes personal tax measures announced in British Columbia's 2020 budget to:
In addition, Bill 4 includes certain indirect changes that were announced in the budget, including amendments to:
For more details of the indirect tax changes and technical amendments included in British Columbia's 2020 budget, see TaxNewsFlash-Canada 2020-04, "Highlights of the 2020 British Columbia Budget".
For more information, please contact your KPMG advisor.
Information is current to August 25, 2020. 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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