The provisions in Bill 8 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of February 18, 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 March 24, 2014, the date the bill received Royal Assent.
Note that Bill 8 does not include B.C.'s budget announcement of a long-awaited high-level framework for the province's approach to taxing its new liquefied natural gas (LNG) sector.
For more information, contact your KPMG adviser.
Information is current to March 25, 2014. 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