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.