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Corporation tax rates

Federal

The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement.

For Canadian-controlled private corporations claiming the small business deduction the net tax rate is 12%.

For the other corporations, the net tax rate is 21%.

Provincial or territorial

Generally, provinces and territories have two rates of income tax - a lower rate and a higher rate.

The lower rate applies to either:

the income eligible for the federal small business deduction; or
the income based on limits established by the particular province or territory.

The higher rate applies to all other taxable income.

The following table shows the income tax rates for the provinces and territories that have corporation tax collection agreements with the federal government (this does not include Quebec, Ontario and Alberta). These rates are in effect on January 1, 2007, and many will change during 2007.

Province or territory	Tax rate on taxable income eligible for the small business deduction (lower rate)	Tax rate on other taxable income (higher rate)
Newfoundland and Labrador	5%	14%
Nova Scotia	5%	16%
Prince Edward Island	5.4%*	16%
New Brunswick	5%	13%
Manitoba	3%	14%
Saskatchewan	4.5%	14%**
British Columbia	4.5%	12%
Yukon	4%	15%
Northwest Territories	4%	11.5%
Nunavut	4%	12%

* 4.3% effective April 1, 2007
** 13% effective July 1, 2007

See Dual rates for more detailed information.

Forms and publications

T2 Corporation - Income Tax Guide (T4012)