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Substantively enacted corporate income tax rates as at 30 June 2014



EY’s tables of substantively enacted Canadian corporate income tax rates have been updated to 30 June 2014. The small business corporate income tax rates table is updated to reflect the enactment of the decrease in Newfoundland and Labrador’s small business corporate income tax rate from 4.0% to 3.0%, effective 1 July 2014.

There were no other legislative changes to the federal and provincial general and small business corporate income tax rates since the last update on 31 May 2014.

The following proposals are not substantively enacted as at 30 June 2014:

  • Saskatchewan’s proposal to reduce the general corporate income tax rate from 12% to 10% by 2015. The government confirmed in its 2014-15 budget (tabled on 19 March 2014) that it remains committed to implementing this rate reduction; but no specific timeline was announced.
  • Quebec’s proposal to reduce the small business rate for CCPCs whose proportion of activities attributable to M&P activities is 25% or more. This measure was introduced in the province’s 2014-15 budget tabled on 4 June 2014. Eligible corporations will be able to claim a maximum additional deduction of 2% as of 5 June 2014, and 4% as of 1 April 2015. The rate is reduced linearly where the proportion of activities attributable to M&P activities totals between 25% and 50%. The deduction will be prorated for taxation years straddling the effective dates.

More information on corporate income tax rates among other information can be found on the Canada Revenue Agency website.

By Knotia, EYEP and/or E&Y LLP and/or CPA Canada
EY N 078-14 — EY Commentary
(Lucie Champagne and Maureen De Lisser, Toronto)

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