Tax Stories of the Jacksonsville Princess

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Does Your Corporation Qualify For A Small Business Deduction?

Posted by srpatterson3 (#1) 3615 days ago (http://2014taxes.org)

The small business deduction is one of the most advantageous income tax benefits for company owners in Canada. The deduction lowers the amount of the Part 1 tax otherwise required of business owners. As of the first of January, adjusted tax rates allow a small corporation to qualify at the tax rate of 4.5% in the province of Ontario. Others will still need to pay the standard tax rate of 11.5%. O