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2014 B.C. Budget Bill Receives Royal Assent 

Canadian Tax Adviser

 

March 25, 2014

 

Bill 8, which implements certain measures in British Columbia's 2014 budget received Royal Assent on March 24, 2014. The bill includes measures to phase out the provincial preferential income tax treatment for credit unions and extend the British Columbia Scientific Research and Experimental Development Tax Credit for an additional three years. For more information, see TaxNewsFlash-Canada 2014-10, "Highlights of the 2014 British Columbia Budget".

The provisions in Bill 8 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of February 18, 2014, when Bill 8 received first reading in the provincial legislature (as British Columbia has a majority government). Bill 8 is enacted for U.S. GAAP purposes on March 24, 2014, the date the bill received Royal Assent.

 

Note that Bill 8 does not include B.C.'s budget announcement of a long-awaited high-level framework for the province's approach to taxing its new liquefied natural gas (LNG) sector.

 

For more information, contact your KPMG adviser.

 

 

 

 

 

Information is current to March 25, 2014. 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

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