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.On the Brink: Many are $200 Away from Financial Collapse
Despite the Bank of Canada’s recent interest rate hold and decreasing mortgage rates, many families are on the brink of being unable to pay all of their bills. This, as new carbon taxes are about to emerge in some of the hardest hit provinces. Early tax filing may help.
Payroll News: 2019 Employment Insurance Rate Changes
One important change has been introduced that affects payroll processing in 2019: the rate applied to calculate the maximum Employment Insurance (EI) contribution amounts have been reduced, though benefit amounts remain the same.
High Standards: Take-Aways from the Advanced Tax Update
It’s been a complex year of significant tax change, and our six-city CE Summit Workshop tour gave many tax and financial advisors a comprehensive refresher to prepare for the upcoming tax season. If you missed it, the 355-page Knowledge Journal can still be purchased. Here’s what our delegates liked best about this sold out event:
Business Owners: Beware the Demographic Trap
Who will inherit the family business? What will it be worth when time for transition comes? Why is this issue so difficult to discuss? There are many reasons, but demographic change is bringing it to the forefront and for these reasons, planning needs to happen sooner rather than later, according to a new book by Jenifer Bartman and Evelyn Jacks, entitled Defusing the Family Business Time Bomb.
Getting the New Climate Action Incentive Rebate Right
Canada now has a nationwide standard for reducing carbon pollution, which means that starting in 2019, a federal “backstop” carbon pollution pricing system will apply to four provinces – Saskatchewan, Manitoba, Ontario and New Brunswick – that have not implemented their own systems. For taxpayers in these provinces, a new refundable tax rebate will be claimed on the 2018 tax return. But, like most tax provisions, it has its wrinkles.
When is the Right Time for Business Succession?
Transitioning a business can be an emotional period of your life as an entrepreneur. True leaders, however, embrace the fact that businesses need succession plans and that sometimes these businesses can even outgrow the skills of the founder. Knowing when to let go is probably the hardest business decision you will make as a business but your trusted tax and financial advisors can help.
