Canada Revenue Quebec Announces Changes to Small Business Deduction Rules Due to Coronavirus

The Canadian Revenue Quebec April 28 announced changes to the small business deduction rules due to the coronavirus pandemic. The announcement includes: 1) an increase in the deduction rate to 8.3 percent from 7.5 percent for the first C$500,000 (US$406,560) of annual income, applicable after March 25; 2) a minimum tax rate of 3.2 percent for eligible companies; and 3) eligibility requirements for the deduction. [Canada, Revenue Quebec, 04/28/21]

Reference:
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