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:
- total revenue in excess of $10 million, or
- total assets in excess of $5 million.
For tax years that end after June 30, 2010, CMT applies to large corporations (or associated groups) with:
- total revenue that equals or exceeds $100 million, and
- total assets that equals or exceeds $50 million.
Corporations only pay CMT to the extent it exceeds income tax payable for a tax year.
CMT rate
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:
- June 30, 2010, the CMT rate is 2.7 per cent.
- Before July 1, 2010, the CMT rate is 4 per cent.
Learn more
- Visit the Canada Revenue Agency (CRA) webpage titled Ontario corporate minimum tax
- Contact the CRA:
- 1 800 959-5525 English
- 1 800 959-7775 French
- 1 800 665-0354 for teletypewriter (TTY)
