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. 

Proprietors – unincorporated self employed people – must file their personal tax returns by midnight June 15 to avoid paying late filing penalties.  Unfortunately, those who owe will already be incurring high interest charges.   What does post-tax season planning mean for those who owe and those who received their refund?  You can provide guidance – some ideas follow:

A new study reports that Millennials have been dealt a raw hand recent economic changes, that have landed them under water with high student loan debt, credit card debt, demand loan debt and the CERB repayment, which has pushed many over the edge into insolvency. 

The divorce rate has dropped by one third in Canada since 2016, in a surprising statistical table published by Statistics Canada this week. This is contrary to the reports by some divorce lawyers who saw a spike in inquiries during the pandemic. Was this new family harmony an anomaly or was there a pandemic blip in the numbers? 

Bill C-47, which was tabled on April 20, 2023 to enact certain provisions of the March 28, 2023 federal budget passed through the House of Commons on June 8, 2023, and is now off to the Senate.  With swift passage there, provisions such as the Grocery Rebate could be initiated for anticipated payment by July 5.  However, there are other very important provisions in the 430-page document – sign up to receive Knowledge Bureau Report in your inbox to receive our detailed budget report for more information! 

An interesting trend has emerged in giving has emerged over the pandemic years.  In a new report released by Statistics Canada on March 14, 2023 there was a 3% drop in donors claiming donation tax credits in the 2021 tax filing year.  Are Canadians less charitable these days? Or is something else going on? 

It’s hot times in the tax and financial services industries, as the upward trend in both wages and job opportunities that started last year continue to increase, according to Statistics Canada. If you’re looking for new team members to scale up your business, you might be surprised to find how much you could have to pay to secure talent, and which sectors will have the hardest time landing them.