What you need to know about the small business deduction

Do you run a small business in Canada? You may be eligible for the small business deduction.

(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 12/21/16 -- Eligible businesses can claim the 17.5% small business deduction on their first $500,000 of income, . You can use the resulting tax savings to help your business grow.

And the potential tax savings will increase. The small business deduction will increase from 17.5% to 19% over the next three years.

It is important to make sure you are eligible before you claim the small business deduction. The Canada Revenue Agency (CRA) considers the specific facts of each case in order to determine eligibility, and a reassessment may be completed to disallow the small business deduction if you are not entitled to claim it.

Who can claim the deduction?

To be eligible to claim the small business deduction, you must be a carrying on a business in Canada throughout the year and meet at least one of the following conditions:

For example, you own a small storage facility and your business is a Canadian-controlled private corporation.

How to claim the deduction?

Corporations have to file a T2 Corporation income tax return within six months of the end of their tax year. If your corporation is located in Quebec or Alberta, you have to file a separate provincial corporation return. For more information on how to claim the small business deduction, go to .

More information

For detailed rules about the small business deduction, see .

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Contacts:
Lisa Damien
Assistant Director, Media Relations and Media Monitoring
Canada Revenue Agency
613-952-9184
Cel.: 613-769-6816

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Bereitgestellt von Benutzer: Marketwired
Datum: 21.12.2016 - 19:17 Uhr
Sprache: Deutsch
News-ID 514380
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