Income tax . In line with tax reform in other countries, Bill C-139 broadened the tax base for both personal and corporate income, and reduced the rates applicable to taxable income. The bill replaced exemptions with credits, and eliminated a number of deductions for personal income tax. Corporate Tax Rate in Canada averaged 38.15 percent from 1981 until 2018, reaching an all time high of 50.90 percent in 1981 and a record low of 26.10 percent in 2012. This page provides - Canada Corporate Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canadians are in principle protected against double taxation receiving income from certain countries which gave agreements with Canada through the foreign tax credit, which allows taxpayers to deduct from their Canadian income tax otherwise payable from the income tax paid in other countries.