Small business corporate tax rates in BC heading downwards Several changes to tax legislation announced in the 2015 Canadian federal budget were recently granted Royal Assent. A measure that is highly relevant for small businesses in BC going forward is the gradual decrease in the combined federal and provincial corporate tax rates over the next 4 years, which are as follows:
BC Realtors are currently having a banner year. Record prices and record sales equate to record income for realtors. Prior to 2009, realtors were forbidden to earn their income in the form of a corporation, which means they were barred from any tax saving opportunities available to Canadian controlled private corporations (CCPCs). PREC: The Personal Real Estate Corporation, Corporate Tax Structure
The average small business owner in Vancouver has a limited budget to deal with their marketing, accounting, IT and high location rental costs. Successful businesses tend to be surrounded by strong support networks, which include bookkeepers and tax advisors. As a result, their books and records are orderly, current, and their tax filings are consistent with their accounting records. For
