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. 

Striking a balance between upholding Canadian taxation laws and privacy concerns is challenging for policy makers and legislatures. On February 4th, 2022, the Minister of Finance released draft Income Tax Act legislation that increases reporting requirements for most Canadian resident trusts. The new trust reporting requirements will allow the Canada Revenue Agency to better combat tax evasion and increase clarity regarding beneficial ownership of assets.

Privacy of confidential financial data is an important issue to your clients and no wonder: Statistics Canada says that about 57% of Canadians online reported experiencing a security incident in 2018.  Do you know how to avoid privacy risks that may arise in your business?  A new online certificate course, Privacy Principles in Business addresses many of the security issues that concern business owners these days, and now you can earn 10 compliance credits from IIROC by completing this cutting-edge course.

We are excited to see you online on May 18, 2022 for the next Virtual CE Summit on Retirement and Estate Planning. Be sure to register by April 20 for early bird tuition fees for you and your team.  The CE Summits are a blended learning event.  What does this mean?  It’s just an outstanding comprehensive learning opportunity for you in multiple components:

This Monday March 21, 2022, CRA released the electronic version of T4002 - Self-employed Business, Professional, Commission, Farming, and Fishing Income for the 2021 tax filing year.  The paper version won’t be available until late April.  The Guide covers pandemic support measures for the self-employed, including CEWS, CERS, CRHP, and government loans.

In an effort to assist Ukrainians who are fleeing the war and wish to come to Canada, the government has streamlined the process for entry. Through the “Canada-Ukraine Authorization for Emergency Travel” program, applications are expected to be processed in as little as two weeks. They will allow approved applicants to stay in Canada for up to three years. Once here, they can apply for permanent residency. Applicants will be allowed to work or study while in Canada.  There are interesting tax consequences for that.

In the market for a Tesla?  Now would be a good time to purchase the luxury model, as  Canada now has a new tax act:  The Select Luxury Items Tax Act, slated to come into effect September 1, 2022 if proposals released March 11, 2022 are passed into law.   The proposed 173 pages of legislation for Canada’s new luxury tax, first introduced in the April 2021 federal budget, targets buyers of luxury cars and aircraft with a retail price tag of $100,000 or more and boats valued at $250,000 or more.  Here are the reasons why you need to pay attention: