Final Payments Finally: Canada Carbon Rebate for Small Business

A portion of fuel charge proceeds from the price on pollution was promised to eligible small and medium-sized businesses via the Canada Carbon Rebate for Small Businesses (CCRSB).  Now, the final payments for the 2024-2025 year will be coming before the end of 2025, in designated provinces. That announcement was made on November 14. Here’s what to expect:

In gratitude for your continued support, please accept our very best wishes for the holiday season. May it be restful, joyful and peaceful; and may your new year be blessed with good health and prosperity.

Do you know how to prepare a T2 corporate return for your small business clients?  Knowledge Bureau’s T2 Corporate Tax Preparation for Micro Businesses course is an excellent solution for financial advisors who want deep practical knowledge on small business tax issues.

"You are never too old to set another goal or to dream a new dream." C. S. Lewis

The annual TFSA contribution room is indexed to the consumer price index (CPI), but the contribution limit is increased only in increments of $500.

Indexation has increased the capital gains exemption available on the sale of qualified small business shares in 2017 by an additional $11,540, to $835,716. The capital gains exemption on the sale of qualified farm or fishing property remains at $1,000,000.

If December is moving month for you, three pieces of advice:  tax a deep breath, treat yourself to some extra eggnog, and keep those moving expense receipts handy.  They will be worth a lot of money when  you file your tax return.