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ARTICLE · 06 APRIL 2009

Corporate Income Tax Rate Cut

Blake, Cassels & Graydon LLP
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In the 2009 Ontario budget, the provincial government announced reductions in statutory corporate income tax rates.

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Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Tax, April 2009

In the 2009 Ontario budget, the provincial government announced reductions in statutory corporate income tax rates. Beginning July 1, 2010, provincial corporate income tax rates will be reduced in stages, ultimately falling to 10% as of July 1, 2013. Together with previously enacted reductions in federal rates, the combined federal-provincial rate applicable to corporations on income earned in Ontario will fall to 25% for corporations with taxation years beginning on or after July 1, 2013. This phased-in reduction will eventually result in Ontario having a general corporate income tax rate of 10%, which, along with British Columbia (10%), Alberta (10%) and New Brunswick (8%), will be among the lowest corporate income tax rates in Canada by 2013.

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