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 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
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When a business owner of a small to medium business is searching for best accounting software, he or she is looking for the user-friendly and inexpensive solution. Let’s look at available cloud-based apps that today’s market can suggest us today. QuickBooks Online Overall the best software for business is QuickBooks Online. It starts from $10/monthly, […]
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“…but in this world nothing can be said to be certain, except death and taxes.” Ben Franklin 2015 Personal Tax return You are not necessarily need to be an expertise on taxation but knowing key areas will be always beneficial to have educated discussion with your tax consultant. Following are the key updates that happened […]
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 […]
“Life is a series of natural and spontaneous changes. Don’t resist them – that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like.” Lao Tzu IFRS 9, Financial Instruments The final version of IFRS 9, Financial Instruments, was issued by the International Accounting Standards Board (IASB) in […]
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