Generally, corporations carrying on business through a permanent establishment in Ontario are subject to both federal and Ontario corporate income taxes. The tax rates apply to taxable income allocated to Ontario.
The Ontario General corporate income tax rate is currently 11.5%.
Lower Tax rates for Small Business Deduction
The Ontario small business deduction (SBD) reduces the corporate income tax rate on the first $500,000 of active business income of Canadian-controlled private corporations (CCPCs). Effective January 1, 2020, the lower rate of Ontario corporate income tax is reduced from 3.5% to 3.2%.
Corporations involved in manufacturing and processing, fishing, farming, mining and logging may qualify for a tax credit that reduces the corporate income tax rate to 10%.
GST/HST for businesses: Charge and remit (pay) the Goods and Services Tax (GST) and the Harmonized Sales Tax (HST).
If you do not exceed the $30,000 threshold over four consecutive calendar quarters, you don’t need it.
If you are a GST/HST registrant with a reporting period that begins in 2024, you must file your returns electronically (except for charities and selected listed financial institutions). If you don’t, the Canada Revenue Agency may charge you a penalty.
The CRA will waive the penalty if you file monthly or quarterly were not previously required to file electronically and are filing a GST/HST return for a filing period beginning on or after January 1, 2024, and before April 1, 2024
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