June 18, 2013
Legislation to enact certain tax measures in Ontario's 2013 budget, tabled as Bill 65, received Royal Assent on June 13, 2013, making these measures enacted for U.S. GAAP as of that date. Previously, Bill 65 received third reading on June 11, 2013, and is therefore considered substantively enacted for purposes of IFRS and ASPE purposes as of this date (Ontario has a minority government). Bill 65 does not contain any corporate income tax rate changes (as no changes were announced in the budget), but includes personal tax measures and retail sales tax measures from the budget.
See TaxNewsFlash-Canada 2013-19, "Highlights of the 2013 Ontario Budget" for further details of the province's 2013 budget.
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Information is current to June 18, 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