Tax Jobs in Toronto

Market context

Canadian Corporate Tax involves the application of the Income Tax Act to determine the tax liability of corporations operating within Canada. This includes compliance, planning, and advisory services concerning federal and provincial income taxes.

Corporations in Toronto are subject to federal corporate income tax and Ontario provincial corporate income tax. The federal rate is 15% on taxable income, with a small business deduction reducing it to 9% for Canadian Controlled Private Corporations (CCPCs) on their first $500,000 of active business income. Ontario's general corporate income tax rate is 11.5%, while the small business rate is 3.2%. Key agencies are the Canada Revenue Agency (CRA) and the Ontario Ministry of Finance, with T2 corporation income tax returns being the primary federal filing requirement.

Regulatory timeline

• 2023-08-04Pillar Two Implementation DiscussionOngoing Discussion
  source
• 2023-03-28Federal Budget 2023Enacted
  source

Skills & tools