The Canadian province of Newfoundland and Labrador is planning to cut its small business corporate tax rate from 3% to 2.5% as part of its Budget for 2024. The small business corporate tax rate applies on the first CAD 500,000 of active business income and is in addition to the federal small business rate of 9%. Subject to approval the tax rate cut will apply retroactively from 1 January 2024.
Click the following link for the Budget website and highlights.