Ontario basic income tax
The Ontario basic income tax rate is 11.5%.
A corporation that was a Canadian-controlled private corporation (CCPC) throughout the tax year can reduce its Ontario basic income tax by claiming the Ontario small business deduction.
Reporting the tax
You can use Schedule 500, Ontario Corporation Tax Calculation, to calculate your Ontario basic income tax. Schedule 500 is a worksheet and does not have to be filed with your return.
On line 270 of Schedule 5, Tax Calculation Supplementary – Corporations, enter the amount of basic income tax calculated.
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