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Alberta 2014 Budget Substantively Enacted 

Canadian Tax Adviser

 

April 15, 2014

 

Bill 7, which enacts tax changes announced in Alberta's 2014 budget received first reading on April 10, 2014. It is now considered substantively enacted for purposes of IFRS and ASPE as of that date (as Alberta has a majority government).

Although the budget did not contain any corporate or personal income tax rate changes, the bill decreases the provincial dividend tax credit rate to maintain the current level of provincial taxation on non-eligible dividend as announced by the Alberta Treasury Board in December 2013.

 

Among other changes, the bill:

 

  • Decreases the non-eligible dividend tax credit rate
  • Introduces the Alberta Qualifying Environmental Trust (QET) tax credit - This measure was introduced to parallel the federal qualifying environmental trusts tax regime which allows a deduction for amounts contributed to a Qualifying Environmental Trust established for the purpose of funding the future reclamation of a qualifying site.

 

For more information, contact your KPMG adviser.

 


 

Information is current to April 15, 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

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