Legislative changes — January 1 to March 31, 2024
Legislative developments from January 1 to March 31, 2024, that affect income taxes, are outlined below.
Federal Bill C-59 (2023 federal budget and other measures)
Federal Bill C-59, An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023 and certain provisions of the budget tabled in Parliament on March 28, 2023, received second reading on March 18, 2024. For more information on key tax measures in Bill C-59, see our Q4 2023 Accounting status update at www.pwc.com/ca/tmas.
Status: As at March 31, 2024, Bill C-59 is not considered substantively enacted for Canadian GAAP or enacted for US GAAP. See Table 1 below for Bill C-59’s status.
Federal and provincial/territorial budgets
The federal budget will be presented on April 16, 2024. Explore www.pwc.com/ca/budget and sign up at www.pwc.com/ca/stayintouch to receive our in‑depth federal budget analysis as soon as it is published.
The following provinces and territories introduced budgets from January 1 to March 31, 2024. None of these budgets announced changes to general and M&P corporate income tax rates. Visit www.pwc.com/ca/budget for key changes respecting:
Status: As at March 31, 2024, some of the provinces and territories (e.g. Alberta, British Columbia, Nova Scotia and Ontario – see Table 1 below) have tabled legislation to implement their budget measures, but none of the measures relate to general corporate income tax changes.
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Accounting updates — January 1 to March 31, 2024
There were no significant updates relating to the accounting for income tax.
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Federal and provincial/territorial bills
Table 1 lists key bills that include corporate income tax rate changes or other income tax changes (e.g. for research and development) that were:
- tabled or received royal assent during 2024, or
- tabled before 2024, but did not receive royal assent before 2024
Table 1: Federal and provincial/territorial bills
Bolded rows indicate a change in status from January 1 to March 31, 2024.