News Room

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.

Overview: The Provincial Budgets

Two provincial budgets were released on either side of the Easter Weekend:  Ontario’s on March 26 and Manitoba’s on April 2, and their approaches were entirely different: one reflecting few taxes changes (but a promise of tax reform!); the other a plethora of broad-reaching new ones that will raise taxes and increase complexity.  Here’s what you need to know:

Federal Budget 2024: Is There Potential for Wealth Building?

As Canadians scramble to meet their April 30 tax filing obligations, the federal government plans to release its next budget on April 16.  Expect more red ink as debt services costs skyrocket. According to a new study by the Fraser Institute, the government debt burden for families across Canada has been growing significantly, it’s making us poorer.  The numbers tell the story, below, and underscore the need for a fiscal focus on our future prosperity.  

Advisor’s View: The Somber State of Small Business in Canada

The health indicators for small business in Canada show weaknesses that should be of concern to all Finance Ministers who face their own challenges in offsetting growing deficits and debt service costs with economic growth.   From new bankruptcy statistics (see below) to CFIB’s Business Barometer for March, the business outlook, at least in the short term is somber.  In addition, 77% of advisors who answered Knowledge Bureau Report’s March poll, believe the recent CEBA deadline will push more into bankruptcy.  

April 2024 Poll

Did you agree with the government’s last minute abort of the bare trust filing requirements on March 28, just one business day before the April 2 deadline? 

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Help Business Owners Stay Onside with the CRA as a DMA™

Especially in light of family business tax changes; and new technology advancements at CRA, a financial intermediary who can integrate advice on all aspects of a financial transaction – from banking to tax reporting - will be well positioned to help both new market entrants and older clients with tax problems it’s high value advice that crosses all demographics. Take 10! Join us for an interactive DMA™ Program Orientation and become a DMA™- Accounting Services Specialist.
 
 
 
Knowledge Bureau Poll Question

Do you believe Canada’s tax system based, on self-assessment, has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?

  • Yes
    337 votes
    69.48%
  • No
    148 votes
    30.52%