For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 11%. For the other corporations, the net tax rate is 15%, effective January 01, 2012. The Canadian federal government sets a federal corporate tax rate that is uniform across the country and is combined with the Ontario tax rate.
Competitive Corporate Taxes
Ontario's combined federal / Ontario Manufacturing Income Tax Rate can significantly save tax dollars.
Current Combined Federal and State/Provincial Manufacturing Income Tax Rate (%)
Note: Ohio rate includes the state's Commercial Activity Tax rate which is levied on gross receipts in Ohio; a Corporate Income Tax equivalent is not available. Texas rate includes the state's 1.0 per cent franchise tax, which is based on gross revenue; a Corporate Income Tax equivalent is not available
Source - Ontario Ministry of Finance, current at February 2014, based on legislation as of May 31, 2013
The combined federal-Ontario general corporate income tax rate is significantly lower than the average federal-state corporate income tax in the USA.
Source: Ontario Ministry of Finance, current at February 2014 (2013 Ontario Budget)
For more information on our competitive manufacturing tax rates and R&D tax incentives visit our R&D Incentives page.
To visit Canada Revenue Agency's Corporate tax rates page click here.
Municipal Property Tax Rates 2014
Municipal tax rates for each of Lambton County's eleven municipalities are generally set by each municipality during the 1st or 2nd quarter of the year. Municipal 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 is a sample calculation of annual property taxes on an Industrial property with an assessed value of $1,000,000. For this example the tax rate is 4.166532 per cent:
Assessed Value – $1,000,000 / Total Taxation = $1,000,000 X .04166532 = $41,665.32
Click here for 2014 property tax rates and water rates for Lambton's eleven municipalities.