Confirmed:  The CCR for Small Business is Tax Free

Ottawa has confirmed that the CCR for Small Business received by eligible Canadian-controlled private corporations (CCPCs) will be tax free for the 2019-20 to 2023-24 fuel charge years, as will the final payment for the 2024-2025 fuel charge year.  Draft legislation was released on June 30, 2025 with this announcement; and will be introduced for law making in Parliament this Fall.   Some of the more significant details are discussed below.

A new version of form RC343 has been released by the CRA to calculate TFSA contribution room for 2015, taking into account the new 2015 contribution limit of $10,000.

The Canadian Income Survey for 2013 was released by Statistics Canada on July 8.  While things are virtually unchanged from 2012, some interesting facts emerge about the income levels earned by Canadian families.

With real estate prices soaring in the US and the Canadian dollar falling in value against the greenback, Canadians who invested in a vacation property in the US may be tempted to sell their US cottage and purchase a Canadian cottage instead. 

The technical side of payroll, if done incorrectly, can cost the employer or the employee money, not to mention incurring penalties with the Canada Revenue Agency.

The Underground Economy (UE) is a significant global problem that causes economic erosion for all participants in the financial eco-system. However, it also presents an opportunity for professional tax and financial advisors to rise to the occasion in educating their clients on the issue.

Look for Catherine Bell under the big sombrero. The featured guest speaker at this year’s Distinguished Advisor Conference (DAC)  and author of the bestselling book, Empower Your Presence, is an expert on workplace protocol, etiquette, and professional image management, who understands the complexities of doing business in today’s competitive marketplace.