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.GAAR Deadline May 31: Chime In to Preserve Self Assessment System
Last fall Canadians were asked to weigh in on the “modernization” of GAAR – General Anti Avoidance Rules – after the federal government suffered a series of 24 losses in court. The GAAR has now been introduced in the March 28, 2023 Federal Budget with a period of consultation, ending May 31, 2023. Those with energy left after a difficult tax season will want to weigh in before the government moves ahead. Here’s what you need to know:
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Canada Manitoba Job Grant: Intake 1 for 2023-24 Now Open!
The Canada Job Grant is a collaborative program between the federal and provincial governments designed to assist employers and employees in developing skills for success. The program is available in most provinces, and Manitoba just announced that intake 1 for the 2023-2024 Canada-Manitoba Job Grant is now open! Eligible training dates include training that began on or after April 1, 2023 and ends on or before March 31, 2024.
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Halfway Mark: Tax Season is in Full Swing in Canada
CRA has received approximately 14.6 million tax returns so far this year, representing approximately half of the returns filed last year. It is clear that tax accountants are in their annual overload mode as 56% of returns received have been efiled, and despite the recent federal budget public relations push for the File My Return (FMR) for simple tax returns, the uptick has been lacking. Taxfilers who are receiving refunds are getting an average of $2,066 and those who are paying owe an average of $4,330.
Tax Tip: Reporting Income and Expenses from Rental Properties
Did you know that almost 8% of Canadian families have recently declared rental income on their returns and that the highest number of those are from the Vancouver area – where over 11% of families report rental income? This is from a Stats Canada study released in November of 2022, which also notes that the income was not high – a median amount of $2,750 in 2020. However, the audit potential is high. Here’s what you need to know to satisfy the tax auditor:
