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Canada: Ontario’s small business tax rate reduced to 3.2% for 2020

Canada: Ontario’s small business tax rate reduced

The Minister of Finance in Ontario announced that the small business tax rate in Ontario for 2020 will decrease to 3.2% (down from 3.5%).

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The province's Fall Economic Update—released 6 November 2019—increases the non-eligible dividend tax rate for individuals and reduces the tax rate on aviation fuel for certain northern regions. The changes are effective as of 1 January 2020.

Read a November 2019 report [PDF 208 KB] prepared by the KPMG member firm in Canada

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