Canada: Bill including corporate income tax measures enacted (Ontario)

Ontario Bill 2 received Royal Assent.

Ontario Bill 2 received Royal Assent.

Ontario Bill 2 received Royal Assent on 8 September 2022. The bill includes corporate income tax measures to:

  • Extend the temporary increase to the regional opportunities investment tax credit to 20% (from 10%) for an additional year, for qualifying investments in certain geographic regions of Ontario that become available for use from 24 March 2021 through 31 December 2023 (previously 31 December 2022)
  • No longer require a literary work to be published in an edition of at least 500 copies of a bound book to be eligible for the Ontario book publishing tax credit for the 2022 and subsequent tax years (this requirement was previously temporarily removed for the 2020 and 2021 tax years)

Read a September 2022 report prepared by the KPMG member firm in Canada


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