October 31 2007

The federal government announced its intention to reduce the general corporate tax rate

 

On October 31st, 2007, the federal government announced its intention to reduce the general corporate tax rate.

On October 31st, 2007, the federal government announced its intention to reduce the general corporate tax rate (after the 10% abatement for income earned in a province) from 20.5% to 19.5%, as of January 1st, 2008. As for the coporate tax rate that is admissible to the small business deduction, it will be reduced from 11.5% to 11% on that same date.

These modifications were announced at the same time as the reduction of the GST from 6% to 5%. This reduction will also enter into force on January 1st, 2008.

Did you know that ...

A simple modification of the characteristics of shares issued by a corporation can trigger tax consequences.

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