For tax years that end before July 1, 2010, Ontario Corporate Minimum Tax (CMT) applies to large corporations (or associated groups) with:
- total revenue in excess of $10 million, or
- total assets in excess of $5 million.
For tax years ending before July 1, 2010, the CMT rate is 4%. The gross CMT for a corporation is calculated by multiplying the CMT rate by the corporation’s adjusted financial statement income less CMT losses of prior years, allocated to Ontario.