The proposed increase to the general corporate tax rate will have to be reintroduced in a new bill in B.C's legislature as well the new bill will have to receive first reading before it can be considered substantively enacted for accounting purposes.
British Columbia's 2013 budget, which was delivered on February 19, 2013, accelerated last year's provisional 1% increase in the B.C. general corporate tax rate to 11% (from 10%). This increase was scheduled to take effect April 1, 2013, one year earlier than previously announced. British Columbia's 2013 budget bill was not passed into law before the election.
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Information is current to May 28, 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