Incorporating in Canada
Corporate Tax Rates
Federal Tax Rates
The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement.
After the general tax reduction, the net tax rate is:
18% effective January 1, 2010
16.5% effective January 1, 2011
15% effective January 1, 2012
For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 11%.
Provincial or territorial rates
Generally, provinces and territories have two rates of income tax – a lower rate and a higher rate.
The lower rate applies to the income eligible for the federal small business deduction. One component of the small business deduction is the business limit. Some provinces or territories choose to use the federal business limit. Others establish their own business limit.
The higher rate applies to all other income.
Provincial and territorial tax rates (except Quebec and Alberta)
The following table shows the income tax rates for provinces and territories (except Quebec and Alberta, which do not have corporation tax collection agreements with the CRA).
Provincial and territorial lower and higher tax rates not including Quebec and Alberta
|Province or territory||Lower rate||Higher rate|
|Newfoundland and Labrador||4%||14%|
|Prince Edward Island||1%||16%|
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