Changes to Provincial Tax Rates in Canada
The following article will be listing a couple of the tax rate changes to the 2019 and/or 2020 tax year.
Tax Rate Changes for Active Business Income Earned by a General Corporation
(as of June 30, 2019)
|
Province |
2019 |
2020 |
|
Alberta |
12.0/11.0% |
10.0/9.0/8.0% |
|
Quebec |
11.6% |
11.5% |
Tax Rate Changes for Active Business Income Earned by a CCPC Eligible for the Small Business Deduction (as of June 30, 2019)
|
Province |
2019 |
2020 |
|
Quebec |
6.0% |
5.0/4.0% |
For more in-depth information regarding Corporation or Small business tax rate changes, see Tax Accounting — Q2 2019 Update.
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Similarly, the following table lists the most common upcoming tax changes in the province of Ontario. For a much more extensive list see the Tax Rates Google Form created by TTI Tax Planning.
Other Tax Changes to Know
|
Ontario |
||
|
|
2018 |
2019, 2020 |
|
Age Amount |
5,055.00 |
5,166.00 |
|
Age Amount (Net Income Limit) |
37,635.00 |
38,463.00 |
|
Amount for Eligible Dependents |
9,671.00 |
9,883.00 |
|
Amount for Eligible Dependents (Maximum Amount) |
8,792.00 |
8,985.00 |
|
Basic Personal Amount |
10,354.00 |
10,582.00 |
|
Bracket 02 |
42,960.00 |
43,906.00 |
|
Bracket 03 |
85,923.00 |
87,813.00 |
|
Child Benefit 01 - Net Income Limit 01 |
21,415.67 |
21,886.81 |
|
Disability Amount |
8,365.00 |
8,549.00 |
|
Eligible Dividend Tax Free |
51,809.00 |
52,069.00; not available for 2020 |
|
Indexation Rate |
0.0180 |
0.0220 |
|
Medical Expenses (Maximum Medical Expenses Reduction) |
2,343.00 |
2,395.00 |
|
New Care Giver Amount |
4,881.00 |
4,987.00 |
|
New Care Giver Net Income Limit |
16,696.00 |
17,064.00 |
|
Other Dividend Tax-Free |
30,733.00 |
26,369.00; not available for 2020 |
|
Pension Income Amount |
1,432.00 |
1,463.00 |
|
Refundable Calculations (Credit Amount 01) |
300.98 |
307.60 |
|
Refundable Calculations (Threshold 01) |
23,155.64 |
23,665.06 |
|
Refundable Calculations (Threshold 02) |
28,944.55 |
29,581.33 |
|
Spouse or Common-Law Amount |
8,792.00 |
8,985.00 |
|
Spouse or Common-Law Amount (Net Income Limit) |
879.00 |
898.00 |
|
Surtax Bracket 01 |
4,638.00 |
4,740.00 |
|
Surtax Bracket 02 |
5,936.00 |
6,066.00 |
|
Tax Reduction (Deductible) |
238.92 |
244.18 |
If you would like to know the tax rate or amount changes in other Canadian Provinces, such as AB, BC, or NS, contact Marlies Y Hendricks, CPA Accounting Firm.
The above information is of a general nature only and should not be relied upon for specific situations. We do not endorse the accuracy of the charts on the websites above. Click here for additional tax accounting services information.
Call Marlies Y Hendricks, CPA at 416-766-3941 to discuss your best options and set up an appointment.
