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.
On December 16, 2014, the Government of Canada passed an Extractive Sector Transparency Measures Act (ESTMA) setting out new rules regarding the disclosure of payments to foreign and domestic governments. The purpose is to enhance transparency among participants in the extractive industry as part of Canada’s international commitments to participate in the fight against corruption. […]
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.
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. […]
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.
“…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 […]
“Action is the foundational key to all success.” — Pablo Picasso According to the study done by the Royal Bank of Canada, one in four business owners who are at the age of 50 of small and medium-sized business want to sell their business within the next five years. Unfortunately, 77 percent of owners do not […]
Laws control the lesser man… Right conduct controls the greater one. Mark Twain The Ancient Egyptians Measurement has been a necessity for many centuries in order to facilitate not only commerce but also everyday life. The ancient Egyptians were amongst the pioneers of this and as early as the 4th and 3rd millennia BC […]
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 […]
“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 […]
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 […]