The tax measures contained in Bill C-45 were considered substantively enacted for IFRS and ASPE purposes on October 18, 2012, when the bill received first reading in the House of Commons (as Canada has a majority federal government).
For further details about these 2012 federal budget tax measures, see TaxNewsFlash-Canada 2012-39, "Tax Accounting Update — Finance Clears the Slate".
For more information, contact your KPMG adviser.
Information is current to December 18, 2012. 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.