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Nova Scotia 2013 Budget Substantively Enacted 

Canadian Tax Adviser

 

April 23, 2013

 

A bill to enact Nova Scotia's 2013 budget measures received first reading in the provincial legislature on April 18, 2013. Bill 51 includes measures to reduce the small business income tax rate to 3% (from 3.5%) and to decrease the small business income threshold to $350,000 (from $400,000), effective January 1, 2014.

For highlights of tax measures in the budget, see TaxNewsFlash-Canada 2013-15, “Highlights of the 2013 Nova Scotia Budget”.

 

The bill also contains other changes not included in the 2013 budget, such as changes to the computation of taxable paid-up capital of a bank. These measures include clarification that, for tax years ending after September 30, 2006, a corporation's accumulated other comprehensive income and losses are included in the computation of the taxable paid-up capital of a bank.

 

Since the bill has received first reading and Nova Scotia has a majority government, the budget measures are considered substantively enacted for purposes of IFRS and ASPE as of April 18, 2013.

 

For more information, contact your KPMG adviser.

 

 

 

 

 

Information is current to April 23, 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

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