TO GUPTA TAX SERVICES
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NEW IN 2012
Federal tax rates for 2012 are:
* 15% on the first $42,707 of taxable income, +
* 22% on the next taxable income between $42,707 and $85,414), +
* 26% on the next taxable income between $85,414 and $132,406), +
* 29% of taxable income over $132,406.
The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement.
For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 11%.
For the other corporations, the net tax rate will decrease as such:
* 19% effective January 1, 2009
* 18% effective January 1, 2010
* 16.5% effective January 1, 2011
* 15% effective January 1, 2012