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Alberta’s accelerated corporate tax rate drop to 8% — Now substantively enacted

Alberta’s accelerated corporate tax rate drop to 8%

Bill 35 reduces Alberta’s general corporate income tax rate to 8% (from 10%) and introduces the Innovation Employment Grant

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Alberta Bill 35 received first reading on October 20, 2020. The bill includes several previously announced measures including the accelerated drop in the province's general corporate income tax rate to 8% (from 10%), effective July 1, 2020. The bill also includes measures granting ministerial authority for certain temporary deadline extensions, introduces the Innovation Employment Grant and changes the eligible dividend tax credit rate effective in 2021.

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Information is current to October 27, 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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