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Corporation tax rates

Corporation tax rates

Federal rates

The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement. After the general tax reduction, the net tax rate is 15%. For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is:
  • 9% effective January 1, 2019
  • 10% effective January 1, 2018
  • 10.5% before 2018

Provincial or territorial rates

Generally, provinces and territories have two rates of income tax – a lower rate and a higher rate.

Lower rate

The lower rate applies to the income eligible for the federal small business deduction. One component of the small business deduction is the business limit. Some provinces or territories choose to use the federal business limit. Others establish their own business limit.

Higher rate

The higher rate applies to all other income.

Provincial and territorial tax rates (except Quebec and Alberta)

The following table shows the income tax rates for provinces and territories (except Quebec and Alberta, which do not have corporation tax collection agreements with the CRA). These rates are in effect January 1, 2020, and may change during the year.
Province or territoryLower rateHigher rate
Newfoundland and Labrador3%15%
Nova Scotia3%16%
New Brunswick2.5%14%
Prince Edward Island3%16%
Ontario3.2%11.5%
Manitobanil12%
Saskatchewan2%12%
British Columbia2%12%
Nunavut3%12%
Northwest Territories4%11.5%
Yukon2%12%
For more information, go to Dual tax rates.

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