Capital tax is a tax levied on a corporation's taxable capital.  

In 2004 Ontario announced a plan to gradually eliminate the capital tax by 2012 as set out in the table below.

Ontario's Capital Tax Elimination Plan

	Deduction ($M)	Rates
		Regular Corporations	Financial Institutions
			First $400M of Taxable Capital	Taxable Capital above $400M
				Non-Deposit Taking	Deposit Taking
Jan. 1, 2004	5	0.3	0.6	0.72	0.9
Jan. 1, 2005	7.5	0.3	0.6	0.72	0.9
Jan. 1, 2006	10	0.3	0.6	0.72	0.9
Jan. 1, 2007	12.5	0.285	0.57	0.684	0.855
Jan. 1, 2008	15	0.285		0.684	0.855
Jan. 1, 2009	15	0.225	0.45	0.54	0.675
Jan. 1, 2010	15	0.15	0.3	0.36	0.45
Jan. 1, 2011	15	0.075	0.15	0.18	0.225
Jan. 1, 2012	Eliminated