Business Tax Rates, News & FAQ
Corporate Tax Rates - Federal and Provincial/Territorial Tax Rates for Income Earned by
CCPC - 2023 and 2024:
| Corporate Tax Rates | Small Business Income up to $500,000 | Active Business Income | Investment Income |
| Federal rates | |||
| General corporate rate | 38.0% | 38.0% | 38.0% |
| Federal abatement | (10) | (10) | (10) |
| 28.0 | 28.0 | 28.0 | |
| Small business deduction | (19) | 0.0 | 0.0 |
| Rate deduction | 0.0 | (13) | 0.0 |
| Refundable tax | 0.0 | 0.0 | 10.7 |
| 9.0 | 15.0 | 38.7 | |
| Provincial rates | |||
| British Columbia | 2.0% | 12.0% | 12.0% |
| Alberta | 2.0 | 8.0 | 8.0 |
| Saskatchewan | 0.0/1.0 | 12.0 | 12.0 |
| Manitoba | 0.0 | 12.0 | 12.0 |
| Ontario | 3.2 | 11.5 | 11.5 |
| Quebec | 3.2 | 11.5 | 11.5 |
| New Brunswick | 2.5 | 14.0 | 14.0 |
| Nova Scotia | 2.5 | 14.0 | 14.0 |
| Prince Edward Island | 1.0 | 16.0 | 16.0 |
| Newfoundland and Labrador | 3.0 | 15.0 | 15.0 |
| Territorial rates | |||
| Yukon | 0.0 | 12.0 | 12.0 |
| Northwest Territories | 2.0 | 11.5 | 11.5 |
| Nunavut | 3.0 | 12.0 | 12.0 |
CRA's weblink to federal and all provincial corporate tax rates:
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/crprtns/rts-eng.html
CRA's Online Payroll Deductions Calculator:
http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/pdoc-eng.html
Automobile Allowance Rates set by CRA:
2024: $0.70 per km for the first 5,000 kms; $0.64 per km after that.
2023: $0.68 per km for the first 5,000 kms; $0.62 per km after that.
2022: $0.61 per km for the first 5,000 kms; $0.55 per km after that.
2021: $0.59 per km for the first 5,000 kms; $0.53 per km after that.
2017: $0.54 per km for the first 5,000 kms; $0.48 per km after that.
Starting a Small Business: Options & FAQ?
http://www.cra-arc.gc.ca/tx/bsnss/sm/menu-eng.html
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