TaxMatters@EY - September 2013

Updated corporate and personal income tax rates for 2013

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Aneela Rojo and Lucie Champagne, Toronto

We’ve updated our popular corporate and personal income tax rate cards to reflect budget proposals and news releases up to 30 June 2013. The updated rate cards include the following:

  • Combined federal–provincial corporate rates for small-business rate income, manufacturing and processing income, and general rate income
  • Provincial corporate rates for small business rate income, manufacturing and processing income and general rate income
  • Corporate rates for investment income earned by Canadian-controlled private corporations and other corporations
  • Personal tax rates and credits, by province and territory, for all income levels

The updated corporate and personal income tax rate cards include the following budget proposals:

  • British Columbia’s increase the general corporate income tax rate from 10% to 11%, effective 1 April 2013
  • New Brunswick’s increase to the general corporate income tax rate from 10% to 12% and its increase to the personal income tax rates for each income bracket, effective 1 July 2013
  • Prince Edward Island’s increase in the small business rate from 1% to 4.5%, effective 1 April 2013
  • Prince Edward Island’s increase in the non-eligible dividend tax credit rate from 1% to 2.9%, effective 1 January 2013

Personal tax calculators

Frequently referred to by financial planning columnists, our 2013 personal tax calculator has also been updated as at 30 June 2013. This tool lets you compare the combined federal and provincial 2013 personal income tax bill in each province and territory.
And our 2013 RRSP savings calculator permits you to calculate the tax saving from your contribution.

You’ll find these useful resources and several others — including our latest perspectives, thought leadership, Tax Alerts, Managing Your Personal Taxes – A Canadian Perspective, up-to-date 2013 budget information, past issues of Tax Matters@EY and much more — at ey.com/ca/tax.