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. 

Managing the economy is a complex challenge for government and Canada's near-term economic outlook remains uncertain, according to the March 28, 2023 Federal Budget.  For taxpayers, however, there is certainty: the impact of increasing carbon taxes and with that, higher GST costs. This perhaps is  the bigger story, based on new information from the Parliamentary Budget Officer, released on March 30.

As March came to a close, the CRA had received 9.3 million returns, and according to data to March 13, average tax refund amounts had declined slightly from February: coming in at $2,172. Over the year, the size of the tax refund has been steadily increasing.  We asked you to tell us whether CRA should cut back on withholding taxes so that Canadians could keep more in their pockets every two weeks.  The no’s won at 62.96%.  Here were your comments:

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Are you ready to consider incorporating your proprietorship, navigating family dynamics within your company or considering philanthropic donations through investments that match your values then you’ll want to check out our latest collection entitled Building Your Business, which provides you a new opportunity to earn 5 CE Credits.

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