The small business corporate income tax rate will be dropping from 3% to 2%. This means if you have $50,000 in corporate profits, you will save $500 in taxes. We know that in this uncertain time, it may be difficult to keep money in your business, but if you can pay a combined 12% on your corporate return instead of up to 48% on your personal return, it can save you thousands of dollars per year.
The Alberta Jobs plan is also providing new tax credits for people investing in eligible small and medium-sized business in Alberta. At this point, no details are available but we are hopeful that it will turn out to be something significant. This could help your company attract new investors and grow to its potential.
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