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.
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 […]
On April 10, 1912 the Titanic set sail from Southampton on its maiden voyage bound for New York. The disastrous events that unfolded during that voyage were so significant that children that were not even born at the time have vivid memories of the events and lives that were lost. Unfortunately the sad truth is […]
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.
Every organization is formed on some overarching goal & objective, such as building a profitable business by satisfying a need or a not-for-profit organization dedicated toward a charitable focus that guides its actions.
The classic case based on real experiences across different companies, solutions, and consultants, typically revolves around understanding a client’s business environment “AS IS” and then figuring out its “TO BE” state.
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 […]
“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 […]
“Risk comes from not knowing what you are doing.” -Warren Buffett New ERM Framework In September 2017, the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) published its revised enterprise risk management (“ERM”) framework which is now titled ERM – Integrating with Strategy and Performance. The original framework called ERM – Integrated Framework was […]
“Benchmarking provides an inventory of creative changes that other companies have enacted” – John Langley We are living in a volatile world constantly changing and evolving. Intense competition requires the businesses to remain fit and ready for daily challenges. As Bill Gates noted in his book “Business at the speed of thought”, nowadays the businesses […]
IFRS 15, Revenue from Contracts with Customers was issued in May 2014 and replaces IAS 11 Construction Contracts, IAS 18 Revenue and various interpretations. IFRS 15 establishes a single model of accounting for revenue arising from contracts with customers. IFRS 15 requires entities to recognize revenue reflecting the transfer of goods or services to customers […]