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.Debt Rises 88.3%: Canada’s Debt Rating Downgraded
It’s a good news/bad news story. First the bad news: On June 24, international credit ratings agency Fitch, one of three big credit rating firms based in the U.S., downgraded Canada’s pristine Long-Term Foreign Currency Issuer Default Rating rating from triple A to AA+ because of our greatly increased government debt. It expects that debt will rise to 115.1% of gross domestic product (GDP); an increase of 88.3% in 2020 over 2019 results. So, what’s the good news?
Don’t Forget: GST/HST Remittance Deadline is June 30
June 30 is not typically a tax filing milestone, but this year is an exception as it is the extended GST/HST deadline for businesses. What needs to be filed, and what’s due next week?
Back to Work! New Manitoba Job Restart Program
It’s time to ween off the CERB, at least in Manitoba, the implementation of a new program will supplement wages of those returning to the workforce: it’s time to get back to work!
A Renaissance: Knowledge Bureau’s DAC Acuity 2020
Unfortunately, COVID-19 has slowed the opening of social immersion in Ontario and interrupted our plans to hold the Distinguished Advisor Conference in Niagara Falls, so we’ll be going there in fall 2021 instead. This year’s DAC Acuity 2020 will be held virtually, with the unparallelled professional education and networking that are the hallmarks of the event and lots of interesting twists. There are also two ways to schedule the event into your busy calendar. Check this out:
Who is the MFA-P™?
The strategic philanthropic solution taught in the MFA-P™ designation program takes a multi-stakeholder approach to giving. This new designation will empower clients to give more effectively because of their collaboration with you. If you are interested in this credential, be sure to enroll by June 30 and save $500. Here are more program details:
The Soft Skills Matter in Tax Services
Tax Services Specialists must have more than precise technical and research skills; for them, the soft skills matter in building long term relationships with their clients and various regulators. Now more than ever, Canadians need caring support and someone to help them navigate the complex tax and financial repercussions of the pandemic and associated benefit programs. Read on for the soft skills and processes that will allow tax specialists to fulfill an essential service.
