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Question

Is my corp identified as a small business?

Forum|Forum|1 year ago
June 23, 2024
1 reply
0 views

I am an insurance broker and i received a t4a, however my taxes show that i have to pay taxes of 41% (provincial and Federal), so i am a little confused

Yes, if you meet the following CRA guidelines for Small Business Deduction:

A corporation must be a Canadian-controlled private corporation (CCPC) to claim this deduction. A CCPC’s business limit for a taxation year is $500,000, prorated for the number of days in the year if there are less than 51 weeks in the year. If need more information, click here.

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