2006-04-12 Taxation rate for small corporations lowered from 8.5% to 8%

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Home > Information Center > All news > 2006 > 2006-04-12 Taxation rate for small corporations lowered from 8.5% to 8%

Summary

2006

Taxation rate for small corporations lowered from 8.5% to 8%

An 8.5% income tax rate applied between January 1, 2006, and March 23, 2006, to the first $400,000 in annual income earned from an eligible business by a Canadian-controlled private corporation with a paid-up capital of under $10 million. This rate was reduced to 8% on March 24, 2006.

A corporation entitled to the reduced income tax rate must take into account the effective date of the reduction when filing its income tax return. The reduced rate applies in proportion to the number of days in the fiscal period that are after March 23, 2006.

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