Campaign Update: Carbon Taxes And Rebates

Canadians are now into a federal election campaign and tax reductions of all kinds are on the agenda. Prime Minister Mark Carney has already reduced one of the greatest obstacles for the Liberal Party to gain re-election: the consumer carbon taxes as of April 1, 2025. Technically it is being reduced to zero, as without an act of Parliament he cannot eliminate the tax. However, the regulations behind the tax are under the purview of the Finance Minister, and on closer look, we can get a real glimpse of what’s to come should the Liberals win the election.

The Finance Minister introduced Bill C-32, Fall Economic Statement Implementation Act on Friday November 4.  Noteworthy is the complex pathway to law:  this document encompasses previously announced measures from the April 2022 budget and finally the date of implementation of the First Home Savings Account.  A synopsis follows; be sure to request a copy of the Knowledge Bureau’s Special Report on the Fall Economic Statement for greater detail.

Investing time and money into new Specialized Credentials or continuing professional develop is an important undertaking and you want to make the most of both.  That’s why you’ll want to learn more about the tuition fee amount and the Canada Training Credit (CTC) as potential tax assistance when you take a Knowledge Bureau course. 

Are you looking to increase your multi-generation client base?  Here’s an obvious need and a huge void: 70% of private company owners in Canada plan to either transfer or sell their businesses when they retire—but many don’t have a plan in place. In fact, almost half plan to pass ownership to the next generation, but of those, 47% of them don’t have a succession plan[i]. You can fill this big void by advising family business and we have a targeted CE course to help you do that. 

Fall Economic Statement 2022 November 3, 2022.  Knowledge Bureau will be deciphering and interpreting the economic, tax and financial news the Finance Minister will announce. Mark Your Calendar for a Special Knowledge Bureau Report on November 9 and don’t forget to register for the comprehensive CE Summit workshop on November 16. Enrol now to train on the critical issues that Canadian taxpayers will face in Canada’s most current year end tax planning update.     

November 3 is the last day for the retroactive claiming of certain pandemic support provisions. Have you spoken about these opportunities to business owner clients you work with? Here are the details:

Did you know that Canada ranks only 16th on the OECD’s  International Tax Competitiveness Index; behind Estonia, which is #1, and even Turkey which is #9.  It ranks 31st for individual taxes and 27th for corporate taxes.  High taxes can have many negative consequences for a competitive economy.  Which are the most damaging?