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Quebec Enacts "Old 2012 Budget" 

Canadian Tax Adviser

 

June 11, 2013

 

Quebec has enacted Bill 18, which includes various items mentioned in the former Liberal government's March 2012 Quebec budget. The provisions in Bill 18 are considered substantively enacted for purposes of IFRS and ASPE purposes as of May 29, 2013, when Bill 18 passed third reading in the Quebec legislature (Quebec has a minority government). Bill 18 received Royal Assent on June 5, 2013, making it enacted for U.S. GAAP purposes on this date.

The 180-page bill includes an enhancement of the tax credit for investments relating to manufacturing and processing equipment, measures regarding new financial services corporations, changes to the QST, and other measures announced in various Quebec 2011 and 2012 Information Bulletins.

 

For more information, contact your KPMG adviser.

 

 

 

 

Information is current to June 11, 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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