We would like to refresh your memory with the Corporate Rates. As we remember previous year brought us a new federal government, which also brought us some tax changes. Some of the taxes are more technical in nature. The federal general tax rates are unchanged and remain at 15% for 2016. However, some provincial general, including Manufacturing and Production (M&P) increased. Those provinces are Alberta (from 10% to 12%), New Brunswick (from 12% to 14%), and Newfoundland and Labrador (from 14% to 15%).
2015 and 2016 Federal and Combined Corporate Income Tax Rates and CCPC (small business up to $500,000)
a Applies for revenues below this threshold and the upper rate is for revenues above. b Newfoundland & Labrador are no longer applying its deduction starting January 1, 2016. c Quebec CCPC lower rates apply only to companies under $500,000 if 50% or more activities attribute to M&P.
Small business deduction (SBD) threshold for 2015 and 2016 are $500,000, except Manitoba has $425,000 in 2015 and $450,000 in 2016 and for Nova Scotia with $350,000 for both years, lower rate
All these changes came into effect as a result of the implementation of bill C-59, starting January 1, 2016. Those decreased federal small business rate from 11% to 10.5%. That was the reason, why all combined rates went down. In the future years from 2017 to 2019, the federal small business rate supposed to decrease even more, but it was canceled by the implementation of Bill C-15.Small businesses threshold stays the same except for Manitoba, where it went up from $425,000 to $450,000.
We share the 5 reasons to hire us with our clients as we believe that “WHAT we do” is not strategically as important as “WHY we do WHAT we do”. Trust. Trust is not a checklist. Fulfilling all responsibilities of your accountant does not create a trust. Trust is a feeling, not a rational experience. […]
Bitcoin and several rival forms of cryptocurrency experienced record-breaking growth in recent years, leaving many investors and their CPAs grappling with uncertainty and surprise during tax season.
Are you sure of using all the tax deductions you are eligible for? Are you filing and paying your taxes on time and avoiding penalties and interest? We can help you optimizing your taxes and saving money.
There has been a lot of hype about Cryptocurrencies – about its legitimacy as an alternative currency as well as the merits of holding it as an investment.
Background The Carbon Levy came into effect January 1st, 2017 and will be charged on all fuels that emit greenhouse gas emissions at a rate of $20/tonne in 2017 and $30/tonne in 2018. Fuels include diesel, gasoline, natural gas and propane. The amount of Carbon Levy applied to each fuel is based on the amount […]
Human beings have a natural tendency to remember good times and push to the back of their minds some more difficult issues in life. Basically most of us have a tendency not to focus on things that are not perceived to be likely to happen in the short term and can overlook the inevitability of […]
When calculating your taxes, it is important to understand your deductible expenses and eligible tax credits that you can claim. Deductible expenses are subtracted from your income before it can be subjected to taxation. Understanding these expenses will help you go a long way in reducing tax liabilities. Tax credits, on the other hand, are […]
With the increasing popularity of cannabis products of all kinds causing considerable growth globally, our experts provide their international insights into the trends shaping the market.
To improve is to change; to be perfect is to change often. (Winston Churchill) If it is not broken why fix it? – Is this practical or a myth? We have all heard about the theory of “survival of the fittest”, which is applicable for humans, animals and businesses. This theory has stood the […]
“We are only tenants, and shortly the great Landlord will give us notice that lease has expired” – Joseph Jefferson. Overview The IASB published IFRS 16 Leases in January 2016 with an effective date of January 1, 2019. The new standard will replace existing IAS 17 rule and will require lessees to