CRA Updates Corporation Tax Rates
Effective as of January 1, 2019
Highlights
The Canada Revenue Agency (CRA) has announced updated tax rates for corporations, effective as of January 1, 2019. The basic rate of Part I tax remains at 38%, while federal tax abatement is now 28%. Following general tax reduction, the net tax rate now stands at 15%.
Additionally, a one-time 15% tax will be imposed based on the average of a corporation's taxable income for taxation years ending in 2020 and 2021. The CRA offers two corporation return options: the T2 Corporation Income Tax Return (nine-page return) and the T1 General Income Tax and Benefit Return.
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