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Alberta drops corporate tax rate to 8% effective July 1

Alberta drops corporate tax rate to 8% effective July 1

Alberta is fast-tracking a previously scheduled general corporate income tax rate reduction and introducing a new refundable tax credit

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Alberta is fast-tracking a previously scheduled general corporate income tax rate reduction and introducing a new refundable tax credit for certain small businesses, according to the province's economic recovery plan released June 29, 2020. Alberta says it will reduce the general corporate income tax rate to 8% (from 10%) effective July 1, 2020. Previously, the general corporate income tax rate was not scheduled to decrease to 8% until 2022. Alberta says it is also introducing a new refundable tax credit that is intended for small companies to facilitate investment in research and development.

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