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New Brunswick's FI Capital Tax Hike Substantively Enacted 

Canadian Tax Adviser

 

May 15, 2012

 

Paul Hickey
Toronto, National Tax Centre

 

A bill to enact a New Brunswick 2012 budget measure received first reading in the provincial legislature on May 11, 2012. Bill 42 increases the Financial Corporation Capital Tax rate to 4% (from 3%), effective April 1, 2012.

Since the bill has received first reading, the budget measure is considered substantively enacted for purposes of Canadian GAAP as of May 11, 2012 (New Brunswick has a majority government).

 

For more information, contact your KPMG adviser.

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