That will depend on the province that each business is in, but they start to lose the small business deduction at $50,000 of passive income. It's lost completely by the time they get to $150,000. They are losing it on a $5 for every $1 of passive income ratio.
The difference from a federal perspective is that we're talking about 6%, which is the loss of the small business deduction. That is what it's worth for small and medium-sized enterprises. Add on to that the provincial taxes and it might be about 16% for each dollar of income. If it's $5 of income that's being lost, we're looking at something like $60,000, potentially. That would be the value of the small business deduction that could be lost for these businesses.
Bear in mind that the small business deduction is a deferral, and when we have a small business deduction, the ultimate dividends come out as ineligible dividends and are taxed at a higher rate. If we pay a higher corporate tax rate and we don't have a small business deduction, the dividends come out as eligible dividends, and they're at a much lower rate. On a year-over-year, they end up being very similar. Effectively, if you were to withdraw all the money in the same year, it would end up being at very similar tax rates.