The Canada Revenue Agency (CRA) administers Ontario's corporate income tax, capital tax, corporate minimum tax, and the special additional tax on life insurers.
For tax years that end before July 1, 2010, Corporate Minimum Tax (CMT) applies to large corporations (or associated groups) with:
For tax years that end after June 30, 2010, CMT applies to large corporations (or associated groups) with:
Corporations only pay CMT to the extent it exceeds income tax payable for a tax year.
The gross CMT for a corporation is calculated by multiplying the CMT rate by the corporation's adjusted financial statement income less CMT losses of prior years, allocated to Ontario.
For tax years ending after: