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Atlantic Canada Business Grants

  • Atlantic Canada
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Small Business Tax Rate

Amount:

No Fixed Amount

Type of Program:

Tax Credit


Description:

The Small Business Tax Rate provides small business owners in Newfoundland and Labrador a reduced rate of 3% to determine the corporate income tax payable.

Comments on Funding:

The support is a reduced rate of 3% to determine the applicant's corporate income tax payable instead of the general corporate income tax rate of 15%.
The reduced rate of 3% applies to the first $500,000 of active business income earned in the province and that qualifies for the federal small business deduction.
 


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a small business,
  • be a Canadian controlled private corporation (CCPC),
  • maintain a permanent establishment in Newfoundland and Labrador,
  • carry on an active business in the province.

Application Steps:

1

can use Schedule 307, Newfoundland and Labrador Corporation Tax Calculation, to help the applicant calculate the Newfoundland and Labrador tax before the credits are applied. 

2

must enter the amount of tax calculated on line 200 and/or 205 of Schedule 5, Tax Calculation Supplementary – Corporations.

Other Things to Note:

The Federal Government administers the Small Business Tax Rate on behalf of the Province.

Program Contact:

​Small Business Tax Rate

​Newfoundland and Labrador – Provincial corporation tax​​​

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