As of our last update in January 2024, the corporate tax rates in Quebec and Ontario are as follows:
Quebec:
The general corporate tax rate in Quebec is composed of two parts:
- the federal corporate tax rate and
- the provincial corporate tax rate.
The corporate tax rates in Quebec for active business income are as follows: 11.7% on the first $500,000 of taxable income.26.9% on taxable income exceeding $500,000.
Ontario:
Similar to Quebec, the corporate tax rate in Ontario consists of both federal and provincial components.
The federal corporate tax rate in Ontario is the same as in all other provinces and territories, currently set at 12.2%.
Ontario also imposes its own corporate tax rate, which is applied to taxable income earned in the province. As of 2022, the provincial corporate tax rates in Ontario for active business income are as follows:
12.2% on the first $500,000 of taxable income. 26.5% on taxable income exceeding $500,000.
It’s important to note that these rates may be subject to change, and additional rates may apply to specific types of income or businesses. For the most current information on corporate tax rates in Quebec, Ontario, or any other province in Canada, it’s recommended to consult the Canada Revenue Agency (CRA) or a qualified tax professional.
