Legislative developments from January 1 to March 31, 2024, that affect income taxes, are outlined below.<\/p>\n
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,<\/em> 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. 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\u2011depth federal budget analysis as soon as it is published. Status: <\/strong>As at March 31, 2024, some of the provinces and territories (e.g. Alberta, British Columbia, Nova Scotia and Ontario \u2013 see Table 1 below) have tabled legislation to implement their budget measures, but none of the measures relate to general corporate income tax changes. There were no significant updates relating to the accounting for income tax. Table 1<\/strong> lists key bills that include corporate income tax rate changes or other income tax changes (e.g. for research and development) that were:<\/p>\n Table 1: Federal and provincial\/territorial bills – Legislative changes affecting income taxes from January 1 to March 31, 2024 are outlined.
\nStatus: <\/strong>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\u2019s status.<\/p>\nFederal and provincial\/territorial budgets<\/h4>\n
\nThe 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:<\/p>\n
\n> Back to top<\/p>\nAccounting updates \u2014 January 1 to March 31, 2024<\/h3>\n
\n> Back to top<\/p>\nFederal and provincial\/territorial bills\u00a0<\/h3>\n
\n
<\/strong>Bolded rows indicate a change in status from January 1 to March 31, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
\n– Federal Bill C-59, related to the 2023 federal budget, received second reading on March 18, 2024.
\n– The federal budget will be presented on April 16, 2024.
\n– Some provinces and territories have tabled legislation to implement budget measures, but none relate to general corporate income tax changes.
\n– No significant updates related to the accounting for income tax occurred from January 1 to March 31, 2024.<\/p>\n","protected":false},"author":6,"featured_media":6633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[3492,461,1766,4029,3348,3681,4299,3845,4498,4061,3818,4774,2294,3398,4740,4773,2685,4772,1799,1292,1827,1065,4507,4556,1183,618,380,4100],"class_list":["post-6632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-bill","tag-british","tag-budget","tag-budgets","tag-change","tag-corporate-income-tax","tag-corporate-income-tax-rate","tag-corporate-income-tax-rates","tag-corporate-tax","tag-corporate-tax-rates","tag-development","tag-federal-and-provincial-territorial-budgets","tag-income","tag-income-tax","tag-income-tax-rate","tag-income-taxes","tag-legislation","tag-legislative-changes","tag-parliament","tag-pwc","tag-statement","tag-tax","tag-tax-changes","tag-tax-rate","tag-taxes","tag-top","tag-us","tag-visit"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n