Canadian Tax Adviser
December 20, 2011
2011 Federal Budget Enacted for U.S. GAAP Purposes
Toronto, National Tax Centre
Legislation to enact several tax measures announced in the 2011
federal budget, tabled as Bill C-13, received Royal Assent on December
15, 2011, making it enacted for U.S.
GAAP purposes. Among other things, Bill C-13 contains legislation to enact the corporate
partnership tax deferral rules and the RRSP anti-avoidance rules.
Previously, Bill C-13 received third reading in the House of Commons
on November 21, 2011 and was substantively enacted for purposes of
Canadian GAAP and IFRS on October 4, 2011.
Included in Bill C-13
Bill C-13 includes:
- Provisions for the proposed corporate partnership tax deferral
- The RRSP anti-avoidance rules
- An extension of the kiddie tax to capital gains realized upon
disposition to non-arm's length parties
- An extension of the accelerated capital cost allowance
treatment for manufacturing and processing equipment
- The definition of "clean energy generation equipment".
For more information, contact your KPMG adviser.