Ontario taxpayers face corporate minimum tax

CIM Bulletin, Vol. 87, No. 984, 1994

Robert B. Parsons. Partner. Price Waterhouse~ Toronto, Ontario

Starting this year, corporations that conduct business in Ontario face a new tax - a corporate minimum tax. This tax is in addition to the myriad of of other taxes that make up a corporation's total tax burden. including federal and provincial capital taxes, payroll tax. and sales taxes. Mining companies with gross revenues in excess of 10 milion, or total assets exceeding $5 million, may be liable for this new tax.