TAX SLABS

Basic Exemption - $14,398

Tax Bracket

$14,398 to $50,197 @ 15%

$50,198 to $100,392 @ 20.5%

$100,393 to $155,625 @ 26%

$155,626 to $221,708 @ 29%

Above $221,708 @ 33%

 Basic Exemption - $11,141

Tax Bracket

$11,141 to $46,226 @ 5.05%

$46,226 to $92,454 @ 9.15%

$92,454 to $150,000 @ 11.16%

$150,000 to $220,000 @ 12.16%

Above $220,000 @ 13.16%

General for all 

- May 1, 2023 

For Self-employed  

- June 15, 2023

 but any taxes due to be paid by April 30.

For Small business income upto $500,000 

The basic rate of Part I tax is 38% of taxable income, 

after federal tax abatement(10%) its 28%.

after the rate reduction (13%), the net tax rate is 15%.

For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 9%.

There are two rates of Income tax  

Lower rate - 3.2% :

The lower rate applies to the income eligible for the federal small business deduction. One component of the small business deduction is the business limit. Some provinces or territories choose to use the federal business limit. Others establish their own business limit.

Higher rate - 11.5%

The higher rate applies to all other income.

Tax Return filing date

Within six months after the end of each tax year. The tax year of a corporation is its fiscal period.

Corporate tax to be paid

General : Within 2 months of the end of the tax year.

 Canadian-controlled private corporation (CCPC) : within 3 months of the end of the tax year (based on some conditions)