Tax Rates

Corporate Tax Rates (Federal & Ontario) - January 2012

• 26% of the investment tax is refundable
• Dividends received from Canadian corporations are taxed at 33% (all refundable)
• A refund is obtained when a taxable dividend is declared, at a ratio of 1:3
• Federal corporate tax rate: 11% on 1st $500K; 16.5% on the balance
  • Before January 1, 2009, the taxable income limit was $400K
• Ontario corporate tax rate: 4.5% on 1st $500K; 12% on the balance
• Quebec corporate tax rate: 8% on 1st $500K; 12% on the balance

Mileage Rates: (Jan '08 - Dec '11)
1st 5,000 km @ $0.52/km; balance @ $0.46/km

Automobile Limits: (Jan '01 - Dec '11)
Capital cost-$30,000 plus tax
Lease-$800 per month plus tax
Interest-$300 per month

Per Diem Daily Rates:(2011)
Meals & Incidentals - $86
Non-commercial accommodation-$50