Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/30/2012

Canada - Tax rate changes for interim-period financial reports 

July 30:  Certain 2012 tax rate changes may need to be reflected in interim-period financial reports for corporations or other organizations under International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP).

Among the measures to be considered:


  • Changes to the general corporate tax rate in Ontario, which cancelled scheduled rate decreases to 11% and 10% (from 11.5%) for 2012 and 2013, respectively.
  • British Columbia had proposed a temporary increase in the general corporate tax rate to 11% (from 10%) effective April 1, 2014, if the province’s fiscal situation worsened. This proposed rate increase, however, was not included in the bill implementing British Columbia’s 2012 budget. As a result, British Columbia’s corporate rate remains at 10%.

The federal budget did not propose changes to the federal general corporate tax rate.


Read a July 2012 report, prepared by the KPMG member firm in Canada: Tax Accounting —Snapshot of Rates on June 30, 2012




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