Corporate income tax measures as included in three federal bills are deemed to be substantially enacted.
In brief, the corporate tax measures:
The legislation also included a number of individual (personal) tax measures, including changes to the home buyer's plan.
There are measures to implement the multilateral instrument (MLI). Although the bill received Royal Assent on 21 June 2019, Canada's ratification instrument must still be deposited with the Organisation for Economic Cooperation and Development (OECD) before it enters into force. If Canada deposits its notice of ratification with the OECD on or before 30 September 2019, the MLI will begin to apply to some Canadian tax treaties for withholding tax purposes on 1 January 2020.
Finally, a bill to ratify the Canada-United States-Mexico Agreement (CUSMA that is also referred to by some as the USMCA) received a second reading and has been referred to the Standing Committee on International Trade. Although now adjourned for the summer, the government says it may recall Parliament if necessary to pass the CUSMA bill.
Read a June 2019 report prepared by the KPMG member firm in Canada
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