British Columbia's Bill 4, which enacts measures announced in the province's 2021 budget, received Royal Assent on June 17, 2021. Bill 4 includes several personal and indirect tax measures, as well as a corporate income tax measure to extend the book publishing tax credit by five years. The bill also includes several temporary corporate and personal provincial tax credit extensions and the new increased employment incentive, which were previously announced in September 2020.

The corporate income tax measures included in the bill are considered enacted for U.S. GAAP purposes on June 17, 2021, the date Bill 4 received Royal Assent. These measures are considered substantively enacted under IFRS and Accounting Standards for Private Enterprise on April 20, 2021, the date the bill received first reading (as British Columbia has a majority government).

Corporate income tax measures

Bill 4 includes several corporate income tax measures, including the extension of the book publishing tax credit to March 31, 2026 (from 2021). The bill also includes previously announced measures to extend deadlines that applied to certain tax credit claims originally due on or after March 13, 2020 to the earlier of either six months from the original due date or December 31, 2020.

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Information is current to June 21, 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