Most Canadian credit union executives can't remember a time when they didn't have to pay a nominal tax on income. But in the near future, the 40-year-old credit union tax, like most taxes, will increase.
The current combined federal/provincial income tax, which mirrors Canada's small business deduction and includes an additional deduction for other earnings not covered under small business, varies by province from 11% to 15%. Those rates are scheduled to increase by 4% according to provisions in Canada's 2013 federal budget, passed on June 26, which calls for a five-year phase-out of what had been considered a preferential tax rate.
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