Ontario basic income tax

The Ontario basic income tax rate is 11.5%.

A corporation that was a Canadian-controlled private corporation 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 you do not have to file it 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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