Manitoba enacted several corporate tax measures from its 2020 budget
Manitoba's budget implementation Bill 2 received Royal Assent on November 6, 2020. As a result, several income tax measures that were introduced in Manitoba's 2020 budget are now law.
Bill 2 reintroduced certain tax measures originally included in Manitoba's previous Bill 34, which died on the order paper when the provincial legislature was prorogued on October 6, 2020. The corporate income tax measures reintroduced in Bill 2 continued to be considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) on March 19, 2020, the date that Bill 34 received first reading. The corporate income tax measures in Bill 2 are considered enacted for U.S. GAAP purposes on November 6, 2020, the date Bill 2 received Royal Assent.
Corporate income tax measures
Manitoba Bill 2 includes corporate tax measures announced in the province's 2020 budget and originally included in Bill 34. The bill makes changes to several existing tax credits, including measures to:
Bill 2 also increases the thresholds for Manitoba's Health and Post-Secondary Education Tax Levy (payroll tax) and eliminates probate fees, as announced in the 2020 budget.
The bill also includes measures to harmonize the province with certain federal deadline and time-limit extensions.
For more information, contact your KPMG advisor.
Information is current to November 24, 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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