General Corporate Income Tax Rates – Combined Federal and Provincial

General Corporate Rate as of January 15, 2020.
Based on Calendar Year-End

  2019 2020
Alberta (2) 27.00% 25.00%
British Columbia 27.00% 27.00%
Saskatchewan 27.00% 27.00%
Manitoba 27.00% 27.00%
Ontario 26.50% 26.50%
Quebec (1) 26.60% 26.50%
New Brunswick 29.00% 29.00%
Nova Scotia 31.00% 31.00%
Prince Edward Island 31.00% 31.00%
Newfoundland and Labrador 30.00% 30.00%
Northwest Territories 26.50% 26.50%
Nunavut 27.00% 27.00%
Yukon 27.00% 27.00%

(1) Quebec Bill 112 reduces the general tax rate by 0.1% on Jan 1 of each year from 2017 to 2020. The general rates would be 11.8%, 11.7%, 11.6%, and 11.5% from 2017 to 2020, respectively.
(2) As part of the Job Creation Tax Cut, Alberta’s corporate tax rate will be reduced to 9% on Jan 1, 2021 and 8% on Jan 1, 2022

 

 

Corporate Income Tax Rates – Combined Federal and Provincial

Small Business Rate as of January 15, 2020.
Based on Calendar Year-End

  2019 2020 Small Business Limit (2020)
Federal Only 9.00% 9.00% $500,000
       
Alberta 11.00% 11.00% $500,000
British Columbia 11.00% 11.00% $500,000
Saskatchewan (1) 11.00% 11.00% $600,000
Manitoba 9.00% 9.00% $500,000
Ontario 12.50% 12.20% $500,000
Quebec (2) 15.00% 14.00% $500,000
New Brunswick 11.50% 11.50% $500,000
Nova Scotia 12.00% 12.00% $500,000
Prince Edward Island 12.50% 12.00% $500,000
Newfoundland and Labrador 12.00% 12.00% $500,000
Northwest Territories 13.00% 13.00% $500,000
Nunavut (4) 13.00% / 12.00% 12.00% $500,000
Yukon (3) 11.00% 11.00% $500,000

(1) Small business rates are 11% for small business deduction limit up to $500,000, and 17% for small business deduction limit between $500,000 to $600,000.
(2) For small and medium sized businesses (SMB) in sectors other than primary and manufacturing.
(3) Small business rate of 10.5% applies to M&P income eligible for SBD and 11% for non-M&P income.
(4) Effective July 1, 2019, Nunavut’s Bill 26 reduced the small business rate from 4% to 3%

 

Disclaimer:
The above tax rates are for informational purposes only. Caution must be exercised with respect to the use of the information due to possible misinterpretation or misapplication of the tax rates.