On 21 April 2015, Canadian Finance Minister Joe Oliver delivered the 2015 Budget and Economic Action Plan. Key tax related measures are summarized as follows.
Small Business Tax Rate
The plan proposes a reduction in the small business federal tax rate from 11% to 9%. The reduced rate applies on the qualifying active business income of a Canadian-controlled private corporation (CCPC) up to CAD 500,000. For CCPCs with taxable capital exceeding CAD 10 million to 15 million, the income amount …