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.

Making an RRSP contributions by March 1, 2021  is a smart move by eligible recipients of Canada Recovery Benefits (CRB) if total net income will exceed $38,000. The reason?  A very expensive clawback of the CRB.  

DAC Acuity 2020 set a high standard for virtual conferences - a perfect blend of information, education, inspiration and recreation; this according to delegate Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. who joined advisors from coast to coast, virtually, to take in the bold thinking and bright insights of incredible speakers over three days of learning and unique online networking opportunities. 

Statistics show that 70.2% of all revenues earned by professionals in the accounting, tax filing, bookkeeping and payroll services results from working with the business sector.  This means if you have built a tax filing business serving individuals and households only, you’re missing out on a big share of the market. Small business needs more help on the road to pandemic recovery, so now is a great time to hone your skills, and earn new credentials to provide this essential service.

Knowledge Bureau is now accepting session proposals from sponsors interested in presenting to a national audience of highly engaged top advisors at the October 17 – 19, DAC 2021 in Niagara Falls. This is your best opportunity to get in front of a national network of thought leaders from the tax, financial services and bookkeeping industries who are highly engaged in growing their practices to meet the challenges of the times.    

"Never confuse a single defeat with a final defeat." - F. Scott Fitzgerald

This week the government released the T4A form for 2020.  This is the first indication of how the various government assistance programs for 2020 will be reported on the tax return.