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Ontario Drops Small Business Tax Rate for 2020

Ontario Drops Small Business Tax Rate for 2020

Ontario’s Minister of Finance Rod Phillips announced that Ontario will decrease the small business tax rate to 3.2% (from 3.5%).

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​Ontario's Minister of Finance Rod Phillips announced that Ontario will decrease the small business tax rate to 3.2% (from 3.5%). The province's Fall Economic Update, released on November 6, 2019, also increases the non-eligible dividend tax rate for individuals and reduces the tax rate on aviation fuel for certain northern regions. These changes are effective as of January 1, 2020.

Download this edition of the TaxNewsFlash to learn more.

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