This document is up to date as of August 31, 2023 and reflects the status of legislation, including proposed amendments at this date.

For rates in 2024, consult this pdf.

1 $500,000 eligible for the SBD for federal purposes and all provinces and territories, except in Saskatchewan ($600,000). In all jurisdictions, the SBD is progressively reduced when paid-up/taxable capital of all associated corporations is greater than $10M and is eliminated when it reaches $50M ($15M for taxation years beginning before April 7, 2022). The SBD is also reduced when the adjusted aggregate investment income of all associated corporations is greater than $50,000 and becomes nil when it reaches $150,000 (not applicable in Ontario and New Brunswick). For greater clarity, both reductions apply in parallel so that the SBD is reduced by the greater of the two amounts.
2 Rate of 4.5% on zero-emission technology manufacturing income. The rate is increased gradually as of 2032.
3 Subject to certain conditions, a new small business can benefit from a corporate tax rate reduction in its first three
taxation years. Refer to the Nova Scotia corporate tax reduction for new small businesses page for details.
4 Rate increased from 0% to 1% as of July 1, 2023 (average rate of 0.5% for the 2023 year). Rate increased to 2% as of
July 1, 2024.
5 Combined average rate of 9.0% on the first $500,000 of income that qualifies for the SBD in 2023 and rate of 15.5% on
the next $100,000 of qualifying income, because of the gap between the federal-provincial ceilings.