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Canada: Tax accounting update, second quarter 2020

Canada: Tax accounting update, second quarter 2020

Certain 2020 Canadian tax changes—such as income tax rate changes—may need to be reflected in interim financial statements.


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Read a July 2020 report [PDF 311 KB] that reflects the related Canadian federal and provincial income tax legislation substantively enacted or enacted between 1 January 2020 and 30 June 2020.

The report (prepared by the KPMG member firm in Canada) also includes a summary of certain outstanding corporate income tax measures that have been announced, but are not yet substantively enacted, including:

  • Certain 2019 federal budget measures
  • Alberta’s accelerated general corporate income tax rate reduction to 8% as of 1 July 2020
  • Quebec’s enhanced capital cost allowance (CCA) measures announced in the Quebec 2018 fall economic update 

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