by NewBiz
(Brampton, ON)
CCPCs are taxed favorably on active income through the small business deduction.
Hello:
We have started a small business incorporated in Ontario that will make a small profit of around CAD $20,000 this year. This is an import/wholesale oriented business and should qualify as Canadian Controlled Private Corporation.
I understand there is a tax deduction that applies to such companies and it comes out to be about CAD $32,000.
Does this mean that we will have $0 tax liability for the year for both the federal and provincial taxation?
Thanks
NewBiz
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