TaxTips.ca - Ontario tax reductions for business for 2007 and 2008

TaxTips.ca
Canadian Tax and
Financial Information

Ontario Business Tax Reductions

TaxTips.ca does not research or endorse any product or service appearing in ads on this site. Before making a major financial decision you should consult a qualified professional.
Copyright © 2010

Looking for US tax information? See www.USTaxTips.net

List your firm for free in the TaxTips.ca Business Directory.

Need an accounting, tax or financial advisor? Look in the TaxTips.ca Business Directory.

Ontario -> Business tax reductions

Ontario Tax Reductions for Businesses for 2007 and 2008

In a January 2, 2008 news release, the Ontario government announced the following tax breaks for business effective January 1, 2008:

	Capital Tax eliminated for businesses primarily engaged in manufacturing and resource activities
	Ontario Film & Television Tax Credit rate increased to 35% from 30%
	Ontario Production Services Tax Credit increased to 25% from 18%

Proposed tax reductions which are retroactive to January 1, 2007:

	Capital Tax rate reduced by 21% for all businesses (will be eliminated completely in 2010)
	Small Business deduction threshold increased to $500,000 from $400,000

Revised: August 11, 2010

The information on this site is not intended to be a substitute for professional advice. Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage.
See our Business Directory for tax, accounting and finance-related firms in your area.
Please see our legal disclaimer.