Bill C-63 received Royal Assent on December 14, 2017.
This bill implements certain measures announced in the 2017 federal budget. Bill C-63 also includes catch-up measures previously included in September 16, 2016 draft legislation, measures related to the principal residence exemption, and some specified cooperative income measures. Bill C-63 also contains some GST/HST measures related to pension plans and drop shipments, and other indirect tax measures that were previously released in draft legislation on September 8, 2017 (see TaxNewsFlash-Canada No. 2017-50).
Since Bill C-63 received first reading on October 27, 2017, the corporate income tax measures that it introduces are considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of this date (as Canada has a majority government). Bill C-63 is considered enacted for U.S. GAAP purposes on December 14, 2017, the date it received Royal Assent.
Business tax measures
Federal Bill C-63 contains business tax measures to:
International tax measures
Federal Bill C-63 contains international tax measures to:
Other tax measures
Other tax measures announced in Federal Bill C-63 include measures to:
Various changes to regulations
The measures also include changes to a number of regulations, including those related to:
Indirect tax measures
Bill C-63 also includes a number of additional measures applicable to individuals and trusts.
For more information, contact your KPMG adviser.
Information is current to December 19, 2017. 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
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