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.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.
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