Tag Archives: Income Tax Rate

Manitoba drops small business tax to zero

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December 1 marks the day that Manitoba transforms into a zero-per-cent small-business tax rate province in Canada.

This move by the Manitoban government was commended by Catherine Swift, president of the Canadian Federation of Independent Business (CFIB). It allows small business to keep more of their profits and reinvest in their companies, their employees and their communities.

Similar t to the personal income tax system, all business pay a reduced provincial corporate income tax rate up to a provincial threshold, which varies between $ 400,000 and $ 500,000. After that threshold, the higher general corporate tax rate applies.

But make no mistake—businesses in Manitoba still pay a host of taxes and contribute to the functioning of government. Nonetheless, this is a step in the right direction.

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Smith touts tax plan

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Nipissing MPP Monique Smith issued a media release Tuesday touting the benefits the Ontario Tax Plan for More Jobs and Growth Act, which includes the harmonized sales tax legislation.

If passed, the act will increase business investment, create new jobs and raise incomes for Ontarians, the release said.

The release said along with the proposed harmonized sales tax, 93% of taxpayers will pay less personal income tax, while 90,000 low-income Ontarians will no longer pay provincial personal income tax.

The province is also proposing to almost double the property tax and sales tax credits.

Proposed tax cuts for business would enhance the benefits of the proposed HST by attracting more investment into Ontario, said the release.

The personal income and corporate tax reforms include a 16.5% tax cut on the first $37,106 of taxable income — which would make Ontario’s the lowest personal income tax rate of any province in Canada; an average personal income tax cut of 10% for Ontario families and individuals earning up to $80,000.

The act also includes an 18% tax cut for small businesses and a 17% tax cut for manufacturers.

http://www.nugget.ca/ArticleDisplay.aspx?e=2181618

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