2024 tax rates
If you want an overview of Canadian tax rates for 2024, you’ve come to the right place. Select from the resources below for personal and corporate tax rates for each province and territory.
Recent Publications - Corporate finance
Recent Publications
2024 tax deadline calendar
Navigating the various Canadian and U.S. tax deadlines throughout the year can be tricky. Our 2024 tax deadline calendar provides a monthly snapshot of important dates that could apply to you or your organization. It can help you stay on top of your obligations, discover overlooked deadlines and avoid unwanted surprises.
July 26, 2023 by Mike Hayward, Dean Morris
BT Canada offers recommendations on transfer pricing reform
At Baker Tilly Canada, we are committed to helping ensure fairness and integrity in the Canadian tax system.
As part of this commitment, we are grateful for the opportunity to provide our input on the Department of Finance consultation paper regarding reform and modernization of Canada’s transfer pricing rules.
Federal Court of Appeal reaffirms application of anti‑avoidance rule in Foix decision
In Foix v. The King, 2023 FCA 38, the Federal Court of Appeal (FCA) ruled that a distribution of funds following a hybrid sale was subject to the application of subsection 84(2) of the Income Tax Act (ITA), affirming the Tax Court of Canada (TCC) ruling, Foix v. The Queen, 2021 TCC 52.
2023 tax fact sheets
Want to better understand Canadian tax rates for 2023? Then you’re in the right place. We’ve put together the following fact sheets to provide a convenient comparison of relevant tax rates for every Canadian province and territory.
2023 tax deadline calendar
With so many Canadian and U.S. tax deadlines spread throughout the year, everyone could use an occasional reminder. Our 2023 tax deadline calendar provides a convenient month‑by‑month summary of key dates that could apply to you. You might even notice a few obligations that slipped your mind. If you don’t like getting caught by surprise, you’ll love our tax deadline calendar.
To file or not to file – Considerations for late‑filed GST/HST section 156 elections
GST/HST is generally applicable when property and/or services destined exclusively for commercial purposes are supplied by a closely related party who is registered for that tax. To simplify tax accounting and improve cashflow, certain closely related Canadian corporations and partnerships can elect under subsection 156(2) of the Excise Tax Act, via Form RC4616, to treat certain supplies by a closely related person as if they were made without consideration.
A strong outlook thanks to a solid foundation
Despite significant challenges, the outlook for the engineering and construction industry across the country remains positive and highly receptive to mergers and acquisitions.
HVAC industry shows no signs of cooling off
In a new report examining the Canadian HVAC industry in Q4 2021, Baker Tilly Canada Capital Corporation analyzes the industry’s strong performance.
April 26, 2022 by Mandeep Gaheer, Hassanatu Timbo
Budget 2022: Adapting international tax measures
Canada is one of 137 members of the Organization for Economic Cooperation and Development (OECD) that have joined the two-pillar plan for international tax reform. Budget 2022 reiterates the government’s commitment to address the challenges arising from the digitalization of the economy, and to work towards implementing both Pillar One and Two.
Sourcing and closing better deals with PitchBook
In its role as a financial advisor, Baker Tilly Canada Capital Corporation (BTCC) helps small- to mid-size companies execute sell-side, buy-side and valuation engagements.
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Insights |
Automotive | Legal firms | Manufacturing | Insurance | Capital Management for Resource Companies | Farming & Agriculture | Oil and Gas | Mining | Dentistry | Corporate Finance | Estate Trustee During Litigation | Restructuring and Recovery Services | Transaction Services | Valuation Services |
The profits and pitfalls of maintaining QSBC share status
With the recent Royal Assent of Bill C-208, owners of incorporated small and medium-sized businesses, and their tax advisors, were reminded that proactively monitoring and maintaining qualifying small business corporation (QSBC) share status is essential to make many tax-planning strategies possible. There are many traps that may cause the unintended loss of QSBC share status, and when the time comes to take advantage of available tax planning, it can be too late to correct the problem.
July 30, 2018 by Bob Boser
Avoiding and Getting Off of The TOSI Highway
On July 18, 2017 the Federal Finance Minister announced proposals to change the tax rules related to income splitting using private corporations. The original proposals were subsequently withdrawn in October, re-released in December and after further changes the proposed legislation was included in Bill C-74 in March 2018. Bill C-74 received Royal Assent on June 21, 2018 and the new tax on split income (TOSI) rules are now in effect as of the beginning of 2018.
Tax Alert |
Manufacturing | Private Sector Consulting | Public Sector Consulting | Real Estate | Capital Management for Resource Companies | Farming & Agriculture | Audit & Accounting | Entrepreneurial Services | Private Enterprise | Tax Advisory | Cross Border / International | Indirect Tax | Corporate Finance | Estate Trustee During Litigation | Restructuring and Recovery Services | Transaction Services | Actuarial Services | Commercial Insurance Claims | Enterprise Effectiveness | Projects and Economics |
March 14, 2018 by Martha MacRae, Todd King
U.S. Tax Reform Punishes U.S. Citizens Abroad
From a taxation perspective, the period from July 2017 to February 2018 has been one of the most tumultuous in recent history for Canadian private company owners. For those who also have the privilege of being U.S. citizens or resident aliens, things have gotten downright ludicrous. In a rush to pass into law the most sweeping tax reform in a generation, U.S. lawmakers have stuck U.S. citizens resident in Canada with retroactive, double taxation, the elimination of much of the tax deferral previously available in their companies, a looming April 17th payment deadline and virtually no rules or regulations to guide them through the chaos.
U.S. Tax Alert |
Automotive | Legal firms | Manufacturing | Media, Film & Television | Not For Profit | Audit & Accounting | Private Enterprise | Tax Advisory | Cross Border / International | Indirect Tax | U.S. Tax | Corporate Finance | Restructuring and Recovery Services | Transaction Services | Valuation Services | Business Advisory Services |
Commentary
The Honourable Bill Morneau, Minister of Finance, today tabled his third budget – “Equality + Growth: A Strong Middle Class” – which supports the Government’s people centered approach.
The highly anticipated budget released draft legislation related to passive income – the topic that has been on the minds of business owners, investors, and advisors since the July 18, 2017 Finance release which first introduced the subject. The budget does not propose changes to tax rates at the business or personal level. The budget focused on five key spending areas – growth, progress, reconciliation, advancement and equality.
Budget 2018 Infographic
From changes to passive investment income (that weren’t quite what was expected) to an absence of response to U.S. tax reform, here are some highlights from Budget 2018.
December 19, 2017 by Guy Desmarais
Just a spoonful of TOSI may help the medicine go down
The Department of Finance released its long-awaited proposed amendments to the tax on split income (TOSI) rules on December 13. The release completes a tumultuous year for small business owners, tax professionals, Department of Finance officials, Members of Parliament and the Minister of Finance. The initial July 18 proposals and the short consultation period precipitated a groundswell of consternation and frustration.
December 14, 2017 by Heather Forbes
Amendments to the Income Tax Act and status of proposed measures
On December 13, 2017, Amendments to the Income Tax Act and Regulations and Explanatory Notes to simplify measures to restrict income sprinkling were released by Finance Canada. Today’s Tax Flash will focus on the changes to the July 18 proposals, exclusions, reasonableness test and a brief update on the status of the proposed measures related to passive investments.
November 23, 2017 by Nadia Pulla, Salome Victor
Year-end tax planner: looking back at 2017 and forward to 2018
Topics include:
- Federal and Provincial Highlights;
- Entrepreneurs;
- Personal and U.S. tax matters;
- International matters;
- Key tax dates
October 20, 2017 by Derek de Gannes
Venture Capital concerns are heard
On October 20, 2017, the Department of Finance (“Finance”) responded to several concerns raised by the venture capital and angel investor sectors in respect of the proposed taxation of private corporation measures (see CBT’s summary here).