• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 6/11/2013

Canada - Manitoba 2013 budget, tax measures substantially enacted 

June 11: A bill to enact Manitoba's 2013 budget measures received first reading in the provincial legislature on 30 May 2013.

Among other changes, Bill 47 includes measures to:

  • Increase corporation capital tax on financial institutions to 5% (from 4%) for fiscal years ending on or after 17 April 2013
  • Increase the small business income limit eligible for the small business deduction to $425,000* (from $400,000) effective 1 January 2014
  • Change the Manitoba dividend tax credit for non-eligible dividends effective 2014 (to reflect federal changes)
  • Introduce the new rental housing construction credit

Since the bill has received first reading and Manitoba has a majority government, the corporate budget measures are considered substantively enacted for purposes of IFRS and ASPE as of 30 May 2013.

Read a June 2013 report prepared by the KPMG member firm in Canada: 2013 Manitoba Budget Substantively Enacted

*$=Canadian dollar

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