Taxes
The Canadian federal government sets a federal corporate tax rate that is uniform across the country and is combined with the Ontario tax rate.
Corporate Income Tax Rates 2009
| Corporate Income Tax Rates 2009 |
 |
| Type of Income |
Canada |
Ontario |
Combined |
|
| General |
19.0% |
14.00% |
33.0% |
| Manufacturing and Processing |
19.0% |
12.00% |
31.0% |
Federal tax corporate tax rates will continue to be lowered:
18 % January 01, 2010
16.5 % January 01, 2011
15 % January 01, 2012
Municipal Property Tax Rates 2009
Property taxes for commercial, industrial and residential sites are calculated according to property values determined by the Ontario Property Assessment Corporation. Assessment values are multiplied by the applicable tax rate for each class of property.
The following example is based on 2009 taxation rates for an industrial occupied building with the Tax Class IT. The property is located in the Town of Petrolia, and is assessed at a value of $5,000,000. The tax rate is 0.4942615
Annual Property Taxes: $5,000,000 X .04942615 = $247,130.75
To view or download the municipal property tax rates for Sarnia-Lambton's five industrial municipalities - Lambton Shores, Petrolia, St. Clair, Sarnia, and Warwick - click here.
To view these files, you will require Adobe Reader. If you do not have this software, you can get it free here.
R&D Tax Credits
Both Canada and the United States provide special incentives in the form of tax credits for companies engaged in qualifying R&D activities. Go to R&D Incentives in this web site for details
| R&D Tax Credits |
|
| Example - after-tax cost of $100 expenditures in eligible R&D activities for a medium-sized non-manufacturer (public, private or foreign-owned) based in Ontario: |
|
| Eligible R&D Expenditure |
$100.00 |
| Ontario - Innovation Tax Credit ($100 x 10%) |
(10.00) |
| Federal Investment Tax Credit ($90 x 20%) |
$100.00 |
| Tax Deduction ($72 x 31.5%) |
(10.00) |
| Ontario Exemption of Federal Investment Tax Credit ($18 x 11.0%) |
$100.00 |
| After-tax cost of $100 Expenditures |
$47.34 |
