B.C.’s Bill 14 received third reading on April 19, 2018.
Bill 14 contains miscellaneous B.C. tax measures. Among other things, it includes an amendment aligning the province's rules for determining a corporation's "specified partnership income" with federal changes to this definition. This federal amendment was enacted as part of the 2016 federal budget's measures to prevent corporations from multiplying the small business deduction, effective for taxation years beginning after March 21, 2016. The bill also amends the definition of "excluded expense" for the purposes of calculating the mining exploration tax credit.
The corporate income tax measures in Bill 14 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on April 19, 2018, the date the bill received third reading (as British Columbia has a minority government).
For more information, contact your KPMG adviser.
Information is current to April 24, 2018. 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
© 2019 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.