Manitoba Eliminates Provincial Tax for More Small... | KPMG | CA

Manitoba Eliminates Provincial Tax for More Small Businesses

Manitoba Eliminates Provincial Tax for More Small...

Canadian Tax Adviser, December 08, 2015. Starting in 2017, Manitoba's small business threshold will increase to $500,000, so small businesses whose taxable income does not exceed this limit will be exempt from provincial corporate income tax. The December 1, 2015 announcement reflects an increase from the previous small business tax-free threshold of $450,000.

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Background

The 2015 Manitoba budget increased the small business income threshold for the small business deduction to $450,000 (from $425,000), effective January 1, 2016.

In 2010, Manitoba became the first and only province to permanently eliminate the small business tax rate, which benefits about 85% of taxable corporations in the province. Currently, 14,000 corporations pay no Manitoba corporate income tax as a result of the 0% rate. That number is expected to increase to 16,000 in 2016.

For more information, contact your KPMG adviser.

Disclaimer

Information is current to December 08, 2015. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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