Sentences with phrase «active business income which»
Right now, business owners who operate through a Canadian - controlled private corporation (CCPC) are able to claim the small business deduction on the first $ 500,000 of active business income which allows them to pay extremely low rates of tax when the income is initially earned.
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Passive losses can not be deducted from active income, which can be a thorn in the side of many small business owners.
Jeff Leal, the minister responsible for small business, has said Ontario is eyeing the example of Manitoba, which has a zero tax rate for small businesses on the first $ 1.25 million of active income.