Previously, Bill 14 received first reading on July 14, 2014, and is therefore considered substantively enacted for purposes of IFRS and ASPE as of this date (Ontario has a majority government). Among other changes, Bill 14:
- Phases out the Small Business Deduction for large CCPCs
- Introduces amendments to allow Ontario to formally require corporations in Ontario to disclose aggressive tax avoidance transactions to the federal Minister of National Revenue to also apply for Ontario purposes
- Introduces a general anti-avoidance rule to the Land Transfer Tax Act.
Bill 26 received first reading on July 24, 2014 and contains tax measures to increase personal income tax on taxable incomes above $150,000. Specifically, the bill lowers the taxable income threshold for the 13.16% tax rate to $220,000 (from $514,090) and adds a new tax rate of 12.16% on taxable income between $150,000 and $220,000. These changes apply to taxation years ending after December 31, 2013. The new income thresholds will not be adjusted for inflation each year.
For more information, contact your KPMG adviser.
Information is current to July 29, 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 Centre at 416.777.8500