Canada: Bill including refundable manufacturing investment tax credit enacted (Ontario)
Ontario's Bill 85 received Royal Assent
Ontario's Bill 85 received Royal Assent
Ontario's Bill 85, which enacts certain tax measures announced in the province’s 2023 budget and in the 2022 Fall Economic Update, received Royal Assent on 18 May 2023. Read TaxNewsFlash
The bill includes the new 10% refundable manufacturing investment tax credit and alters the phase-out of the small business deduction for corporations with taxable capital employed in Canada between $10 million* and $50 million (previously the phase-out occurred between $10 million and $15 million of taxable capital). The small business deduction changes harmonize with the federal amendment to allow more medium-sized Canadian-controlled private corporations to benefit from the small business deduction and apply for tax years beginning on or after 7 April 2022.
Read a June 2023 report prepared by the KPMG member firm in Canada
*$=Canadian dollar
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