• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/28/2014

Canada - B.C. 2014 budget update 

March 26: Bill 8—which implements certain measures in British Columbia's 2014 budget—received Royal Assent on 24 March 2014.

The bill includes measures to phase out the provincial preferential income tax treatment for credit unions and to extend the British Columbia Scientific Research and Experimental Development (SR&ED) tax credit for an additional three years.

Substantially enacted

The provisions in Bill 8 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of 18 February 2014, when Bill 8 received first reading in the provincial legislature (as British Columbia has a majority government).

Bill 8 is enacted for U.S. GAAP purposes on 24 March 2014—the date the bill received Royal Assent.

Read a March 2014 report prepared by the KPMG member firm in Canada: 2014 B.C. Budget Bill Receives Royal Assent

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