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2013 Manitoba Budget Bill Receives Royal Assent 

Canadian Tax Adviser

 

December 10, 2013

 

Bill 47 to enact Manitoba's 2013 budget measures received Royal Assent on December 5, 2013. Among other changes, Bill 47 includes measures to increase corporation capital tax on financial institutions to 5% (from 4%) for fiscal years ending on or after April 17, 2013, increase the small business income limit eligible for the small business deduction to $425,000 (from $400,000) effective January 1, 2014, change the Manitoba dividend tax credit for non-eligible dividends effective 2014 (to reflect federal changes), and introduce the new rental housing construction credit.

Bill 47 is enacted for U.S. GAAP purposes on December 5, 2013, the date the bill received Royal Assent. Bill 47 was substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of May 30, 2013, when it received first reading in the provincial legislature (as Manitoba has a majority government).

 

For more information, contact your KPMG adviser.

 

 

 

 

 

Information is current to December 10, 2013. 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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