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. 

It’s officially post tax season.  As of June 17, CRA had received 30,908,149 tax returns and the average tax refund was $2200; the average taxes due were $7400.  Now is the time to pay up, invest tax refunds wisely and adjust errors and omissions that may have occurred in your filings.  But as important - get ready for the annual tax audit season.  CRA can and will reassess tax returns for a variety of reasons.  Follow this post tax season tip sheet to manage the tax erosion CRA changes can bring:

How has $10 a day child care impacted the ability for young families to build wealth?  The answer is found in an interesting report recently released by the federal government.  The new supports funded by both federal and provincial governments will also impact after-tax results.

How maxed out is your time?  Most business owners struggle with this – too much to do, too little time.  To prioritize consider:  are you spending more time working on the creation of income or the creation of wealth?  They are conjoined for sure, but by executing on financial priorities that are critical in all the important spheres in your life –in a healthy balance – you will likely achieve more of both. 

Are you passionate about honing your technical expertise, building your businesses as well as personal connections?  Then you will want to engage with Canada’s top tax and financial influencers – and join their ranks – at Canada’s only multi-disciplinary conference November 10-12 in Montreal:  the 2024 Acuity Conference for Distinguished Advisors!  We are so pleased to announce the return of Pro Tax Block and Mandeep Duggal as this year’s Title Sponsor.  Mandeep is an inspirational and influential new business leader in Canada.  Take a moment to find out why:

Would you like to earn the coveted FDFS™ Designation? These Distinguished Fellows are honored for their distinguished services as influential thought leaders, who have demonstrated a commitment to the noble cause of teaching and writing by engaging others in the high standards of knowledge they share. In doing so, they have also demonstrated an extraordinary commitment to shaping the future of the tax, accounting and financial services industries. Here’s how you can get involved:

The RWM can make a huge difference in how you grow your future business and influence the wealth accumulation, growth, preservation and transition your clients are making decisions about.   We invite you to take a few minutes now to watch the Meeting of the Minds session with Alan Rowell,  RWM™, MFA™, DFA-Tax Services Specialist™, FDFS™ who provides his “Why” –  the evolution of the difference it made for his firm, the valuation of his company and the culture that prevailed for his dynamic employees. Plus, take advantage of a special offer: save 15% when you enrol in the RWM™ Program with code RWM15.  Offer ends June 30.