Tax Costs

Competitive Corporate Tax Rates

Thunder Bay businesses benefit from competitive corporate tax rates at all three levels of government. When specifically looking at provincial and federal corporate taxes, Thunder Bay's tax rates are competitive world wide and lower than many US states.

Combined CIT Rate graph

Ontario has a combined provincial (11.5%) and federal (15%) corporate income tax rate of 26.5%, making Ontario's combined general federal-provincial CIT rate lower than the average of G20 countries and lower than the average federal + state CIT rate in the United States.  While recent changes to US tax laws may have impacted this data, at this time Thunder Bay offers competitive tax rates that are lower than the average federal and state CIT rate.

Local Taxes

In 2017, Thunder Bay ranked below the Ontario average for industrial taxes. Thunder Bay's Property Tax Per Square Foot for Municipalities with a population greater than 100,000 was $1.10, while the Ontario average was $1.12. Thunder Bay is also competitive when comparing combined municipal tax, water, and wastewater burden.

Average Municipal Tax and Water Burden graph

R&D Tax Credits

Canada is encouraging a growing business landscape across the country and offers companies a much higher rate of R&D Tax Credits than the US and many other countries. Businesses in Thunder Bay can find financial assistance at the municipal, provincial, and federal levels. Learn more about funding and incentive programs for your business.

Camparison of R&D Tax Credits graph

For additional information please contact the Development Officer at (807) 625-3960 or visit our Contact Us page.

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