Ontario Bill 269, which enacts measures announced in the province's 2021 budget, received Royal Assent on April 27, 2021. Among other changes, Bill 269 temporarily increases the Regional Opportunities Investment Tax Credit to 20% (from 10%) for qualifying investments that become available for use in the period from March 24, 2021 to December 31, 2022.
This measure is considered enacted for U.S. GAAP purposes on April 27, 2021, the date Bill 269 received Royal Assent. This measure was considered substantively enacted under IFRS and Accounting Standards for Private Enterprise on March 24, 2021, the date the bill received first reading (as Ontario has a majority government).
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Information is current to May 3, 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