Bill C-14, which implements some of the measures announced in the 2020 Fall Economic Update, received Royal Assent on May 6, 2021. This bill includes measures to clarify that claimants can access the Canada Emergency Rent Subsidy (CERS) prior to the payment of certain eligible expenses if certain conditions are met, and enacts additional temporary support for families entitled to the Canada Child Benefit (as announced in the federal fall economic update).
The corporate income tax measures included in Bill C-14 are considered enacted for U.S. GAAP purposes on May 6, 2021, the date Bill C-14 received Royal Assent. These measures were considered substantively enacted under IFRS and Accounting Standards for Private Enterprise on April 15, 2021, the date Bill C-14 received third reading (as Canada has a minority government).
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Information is current to May 10, 2021. 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