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.Tax Avoidance Versus Tax Evasion
You may ask yourself, what is the difference between tax evasion and tax avoidance?
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Basic Rules on Interest Deductibility
With recent interest rate hikes in the news, taxpayers will have more questions about the deductibility of interest costs. Exactly when is interest fully deductible as a carrying cost or a business deduction? When does it form part of the capital cost of the property? Finally, when do new legislative proposals recently released by Finance Canada begin to restrict interest cost deductibility and for whom? Here’s what you need to know to have more confident conversations between advisors and taxpayers:
Over-Contributions and Excess Contributions to an RRSP
RRSP season ended on March 1, so any contributions to be deducted on the taxpayer’s 2021 return must have already been made. These contributions cannot exceed the maximum RRSP contribution for 2021 which appeared on the 2020 Notice of Assessment. So long as the contributions made are less than the maximum allowed, the taxpayer can deduct as much or as little of the contributions made on their 2021 return. Complications arise, though, when the amount contributed exceeds the maximum.
New Canada Digital Adoption Program for Small Businesses
On March 3, 2022, Prime Minister Justin Trudeau, announced that the Canada Digital Adoption Program (CDAP) is now fully active and ready for qualifying businesses to apply for funding. The purpose of the CDAP is to assist small and medium-sized enterprises (SMEs) “grow their online presence and upgrade or adopt digital technologies.” Here are the details:
