SMES: Carbon Tax Rebates on the Way?

July 15 was an important day for carbon-tax weary taxpayers. A Canada Carbon Rebate payment was  made to individuals who have filed their 2023 personal tax returns.  What about the long-awaited $2.5 billion Carbon Tax Rebate For Small Businesses? The delivery date and amounts to be received remain elusive, but one thing is clear: many businesses will have disqualified themselves by missing the July 15 date for filing 2023 T2 returns.  Here’s what you need to know. 

Things are changing quickly in the tax world and we have a great way to stay on top the critical changes to tax planning and new burdens of proof with the new CE Savvy™ Collection – Tax Audit Defence Strategies.  You can earn 5, 15, or 30 CE Credits before year end, too. Here’s why professional advisors cannot miss this opportunity to come up to speed with the complex rules from the March 28, 2023 budget, the August 4, 2023 Draft Legislation and more in preparation for the upcoming tax season.

Correct errors & omissions prior filed returns and benefits BEFORE December 31, 2023, particularly if you want to adjust deductions and credits you may have missed on the 2013 tax filing year.  It will be statute barred on January 1, 2024.  But for families there is another important filing deadline on December 31 related to their Canada Child Benefits.  Don’t miss it – you could get $450 back!  Here are the details:

 To pull ahead of high inflation, interest rates and new taxes, taxpayers and their advisors must quickly sharpen tax and financial skills in the new year for the challenging times ahead, says Knowledge Bureau Founder and President Evelyn Jacks, best-selling tax financial author and award-winning educator.  The good news?  Most people can find new tax relief due to a host of changes, together with highly educated specialists who can help.

With the late introduction of the Fall Economic Report, Canadian taxpayers and their advisors will face further uncertainty in planning their financial affairs to include the myriad of tax changes the government has introduced publicly recently.  Bill C59 was introduced on November 21, 2023 to encompass some of these provisions and this was submitted on November 30 for First Reading.  The bill will not likely pass before the Christmas break.  Specifics of concern to individuals and their advisors are summarized below:

Canadians of working age who live in poverty because of a disability have been awaiting the Canada Disability Benefit since 2020.  The Canada Disability Benefit Act was passed into law on June 22, 2023 and the next step to income is a consultation period that ends December 21. The eight topics are the government wants to know more about describes what’s in the legislation and provides an overview of what disabled people and their families can expect from the benefit.

All the updated knowledge and resources a professional personal tax specialist needs plus expert instruction is what the Knowledge Bureau’s Advanced T1 Tax Update is about,  and it’s coming your way in one of three delivery choices:  a national virtual event on January 17, 2024 or two in-person events:  January 24 at the Pearson Convention Centre in Toronto or January 26 at the Sandman Airport Hotel in Calgary.  Registration is required by December 15 for receipt of all five components of this comprehensive experience including a hard copy desk top reference and Evergreen Explanatory Notes, which you’ll cherish throughout tax season: