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.What is the Shareholder Loan Account?
New business owners often have difficulty managing their shareholder loan account, mistaking it for a tax free way to access funds. For these reasons, it’s a good idea to advisors to review what this account is and how it functions. Here’s a primer from Knowledge Bureau’s MFA™-Corporate Tax Services Specialist Program:
The Great Reboot: Year End Tax Planning Critical for 2021
Tax year 2021 may represent the year millions of Canadians made a significant career shift and with that comes a new tax filing profile. Astute tax advisors will make it their business to consult with clients early, especially if new employment and self-employment trends hold true in their communities.
New Online CE Credit Course: Audit Defence for Small Business Owners
Are you working with small business owners who have received pandemic wage or rent supports? Knowledge Bureau’s new Audit Defence: Managing Tax Risk for Small Business Owners is an online certificate course that helps advisors position small business owners for success for potential tax audits in 2021- 2023 with a concise pathway to navigate the complex rules and comprehensive documentation they will need to satisfy queries from clients and manage risk with the CRA.
Gratitute and Thanks
At a time when many have lost their health, suffered the loss of their loved ones, their livelihoods and/or the exhaustion that threatens their resolve, we give thanks for the spirit of human resilience and kindness that emerges in every crisis. It is important to remember that no matter how dark the clouds, we only need to get through the challenges of today to bring forward the bright promise of an incredibly vibrant tomorrow.
Tax Literacy Matters: RRSP Earned Income Definition
Have you ever tried to explain the definition of earned income for RRSP purposes to a new client? It is a daunting but important task, as clients who embrace the annual savings ritual can and will accumulate significant tax savings and as a by-product, significant financial wealth. However, the astute tax or financial advisor, in the role of financial educator, can make all the difference in the end results.
High Time: Holistic Tax Reform
Tinkering with tax reforms may not be in the best interests of Canada’s emerging new economy. Rather, this may just be the right time for a significant holistic review, especially in anticipation of a variety of provisions recently announced in election platforms: higher income taxes rates for some, a luxury tax and a wealth tax for others, a new minimum tax, or new capital gains taxes. Thoughts on tax change from experienced tax and financial advisors are important. Here’s why:
