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Canadian Tax Adviser
June 20, 2012
June 20, 2012
Ontario's 2012 budget bill (Bill 55) and related legislation in Bill 114 received Royal Assent in the Ontario legislature on June 20, 2012. This means that Ontario's general corporate income tax rate freeze at 11.5% is considered substantively enacted for purposes of Canadian GAAP and IFRS as of June 20, 2012. The freeze is also considered enacted for purposes of U.S. GAAP as of this date. The legislation containing the corporate income tax rate freeze is in Bill 114.
Previously, Ontario's corporate tax rate dropped to 11.5% (from 12%) on July 1, 2011. The rate reductions previously enacted for 2012 and 2013 to 11.0% and 10.0%, respectively, have been cancelled.
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