Sentences with phrase «general corporate tax rate»

Businesses that meet the standards of a Canadian - Controlled Private Corporation (CCPC) pay the lower small business rate on the first $ 500,000 of active business income, and the general corporate tax rate beyond that.

The NDP are proposing to increase the general corporate tax rate, but have not indicated by how much.

While the general corporate tax rate in Canada is 15 per cent, CCPCs can use a lower 11 per cent rate for the first $ 500,000 of active business income.

We also note with concern that the new small business payroll tax comes on top of previously announced minimum wage increase (of 34 % over four years), an increase in the general corporate tax rate of 9.1 %, a 14 % increase to the personal income tax rate of most «skilled professionals», and a previously scheduled increase in the BC carbon tax of 16 %, moving up a further $ 5 to $ 35 per tonne of GHGs emitted.

In 2008 when the carbon tax was introduced, the Liberal government announced that the general corporate tax rate would be reduced from 12 per cent to 11 per cent; in the September update, the NDP government reversed this reduction and raised the rate to 12 per cent.

The Globe notes that the general corporate tax rate has since 2006 already been cut from 21 % to 15 % but that the tax rate for small businesses (firms with under $ 500,000 in taxable income) was cut only once: from 12 % to 11 % in 2008.

This compares to the general corporate tax rate of 15 %.

For example, if you earn $ 100,000 of passive income, you are over by $ 50,000; $ 50,000 x $ 5 = $ 250,000, so $ 250,000 of business income qualifies for the small business tax rate and any remaining business income will be taxed at the general corporate tax rate.

The SBD rate is a lower tax rate than the general corporate tax rate on active business income (ABI); thus, the tax deferral advantage is magnified for small business income and the deferral ranges from 35.5 per cent to 41.0 per cent in 2018, depending on the province.