Ontario's Bill 36 received Royal Assent on December 8, 2022. Bill 36 extends gas and fuel tax reductions until the end of 2023 and allows more on-location filming fees to qualify for the Ontario Production Services Tax Credit, among other measures announced in Ontario’s 2022 Fall Economic Update.
The corporate income tax measure to amend the Ontario Production Services Tax Credit in Bill 36 is considered enacted for U.S. GAAP purposes as of December 8, 2022 (the date the bill received Royal Assent). This measure was considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes when Bill 36 received first reading on November 14, 2022 (as Ontario has a majority government).
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Information is current to December 8, 2022. 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