Canada: Corporate tax rate reduction in Alberta; 8% effective 1 July 2020

Canada: Corporate tax rate reduction in Alberta

Alberta is fast-tracking a previously scheduled general corporate income tax rate reduction and introducing a new refundable tax credit for certain small businesses—responses by the province to the economic challenges of the coronavirus (COVID-19) pandemic.

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According to the province's economic recovery plan released 29 June 2020, Alberta will reduce the general corporate income tax rate to 8% (from 10%) effective 1 July 2020. Previously, the general corporate income tax rate was not scheduled to decrease to 8% until 2022.

Alberta is also introducing a new refundable tax credit that is intended for small companies to facilitate investment in research and development.


Read a June 2020 report [PDF 177 KB] prepared by the KPMG member firm in Canada

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